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Bloomberg
Dec 5, 2013 5:00pm EST
>> nelson mandela as died today. it has just been announced. nelson mandela, who spent 27 years in prison. he was the first black elected president of stojakovic in 1994. let's learn more about his life. >> a freeman taking his first steps into a new south africa. >> from prisoner to president. nelson mandela's 1990 release from jail signaled the end of south africa's racist policy of apartheid. he would go on to become the untry's first true democratically elected leader. >> i, nelson mandela do here swear to be faithful to the republic of south africa. >> born to a chief of a small village, mandela was one of 13 children and the first member of his family to attend school. in the 1930's he began opposing authority and the authorities that made colored south africans second-class citizens. as white south africa became more aggressive, so did he. as the head of the armed wing of the african national congress, mandela led violent sabbatini town hall attacks and was arrested and tried in 1962. he would spend 27 years in jail, but he was never forgotten. eventually international and i
Bloomberg
Dec 5, 2013 7:00pm EST
legend -- nelson mandela. he was 95. lost itstion has greatest son. our people have lost a father. although we knew that this day diminishe, nothing can our sense of the profound and .nduring loss >> of mandela served for five years as the first black resident of south africa after the african national congress artie help end apartheid in 1994. guy johnson has more on the mandela legacy. firstree man takes his steps into a new south africa. >> from prisoner to president, his 1990 release from jail signaling the end of the racist policy of apartheid. he would go on to become the country's first truly democratically elected leader. >> i do hereby promise to be faithful to the republic of south africa. wasorn to a local chief, he one of 13 children and the first member of his family to attend school. he began opposing the white minority a policy of apartheid, laws that segregated society and made colored south africans second-class citizens. byst, mandela was moved gandhi. more aggressive, so did he. as the head of the armed wing of led ational congress, he violent sabotage attacks a
Bloomberg
Dec 6, 2013 4:00am EST
>> our beloved nelson mandela, president of our democratic nation has departed. >> farewell. apartheido overcame reaches the end of the journey that took them from prisoner to president. >> it is jobs day. a role data could leave the u.s. track for the best year of job growth since 2005. >> japan's prime minister calls for a summit with china to ease tensions over the islands. good morning. welcome. " live watching "the pulse from bloomberg european headquarters here in london. >> also coming up on "the pulse ," the boss of one of britain's businesses, nigel wilson joins us and about 10 minutes. get his take on everything from the u.s. jobs report to the autumn statement. the news cycle is being dominated by one thing and that is the passing of nelson mandela. south africans are mourning the death of their first black president this morning. leaders around the world pay tribute to his life. johannesburgin yesterday. .et bring in tv africa anchor clearly south africa in a state of shock this morning. we knew he was ill -- we knew he would be in intensive care and for quite so
Bloomberg
Dec 6, 2013 3:00am EST
relationship. >> it will have an impact. the world of course wakes up to the death of nelson mandela. >> the world is mourning and as we mourn, we are waiting to hear news about funeral arrangements. the funeral will be held in about 10 days. there is not only going to be a public memorial but a private memorial. >> of course we'll have complete coverage go and through mr. mandela's legacy throughout the program. manus, we have a lot of data. we have tensions easing a touch. we'll go through what nelson mandela gave to the world. what else are we watching today? >> >> the germans have a healthy look at inflation. next year, germany will grow by 1.7%. we go to the unemployment numbers later today. euro/dollar is declining to 1.4616 despite yesterday's e.c.b. move yesterday or lack of movement yesterday and lack of christmas party for the market remains high. the drop has stopped for now. let's put it that way. the u.k. had its longest losing streak since april. down over 2.5% this week. the dax is at a three-week low. continuing a little bit lower despite that upgrade to growth. goldman sachs
Bloomberg
Dec 6, 2013 6:00am EST
. i am tom keene. it is a busy day. nelson mandela is front and center. data.ot of economic today is job stay. the moment is 8:30 a.m.. theine: 55, we get university of michigan confidence. also, we have american eagle outfitters out before the bell. alan greenspan will speak. he called it a bubble. bitcoin made aon splash. next year'sraw for soccer world cup will take place in brazil. it will determine the competition at the tournament. this is a big deal. >> that is more foreign than the jobs report, actually. >> state tuned. current, commodities, stocks, bonds -- we're nearing 1800 and the futures. yields go out. the dollar is stronger, con founding germany. they won a weaker euro and they do not get it. -- this is aond big deal. underer chinese currency, is at australian dollar .91. we scoured the papers. so much is going on this morning. all of it is centered on the passing of nelson mandela. >> he is the front page story. today is job stay. the results of the survey say that payrolls have increased in the month of november. >> the feeling is like this? >> it will probably decli
Bloomberg
Dec 6, 2013 1:00am EST
nelson mandela. we are looking ahead to induce lucid interview with the irish finance minister as ireland exit its bailout program. jonathan farrow has the details world highly anticipated cup draw in brazil. >> south africans are mourning the death of their first black president nelson mandela while leaders around the world paid tribute to his life. our tv africa anchor as well as ryan chilcote. emotional day for south africans all over the world and we have seen some amazing scenes coming out of south africa. >> firstly, when i heard the 9 p.m. or so,t at i was absolutely shocked. this is something we have been preparing ourselves for because he has been quite ill but it still comes as a shock. it is very emotional and it is a massive loss. of what is going on around his home, people are celebrating his life. it is a big shock. >> you did meet him. >> in 2007 he retired from the public eye. he announced he lost his son to hiv aids. and he is someone who came very and thought against the disease. he was a very humble man, all he was showing signs he was not really well and we spo
Bloomberg
Dec 6, 2013 5:00pm EST
blazers, taking different approaches to change their industry and the world. nelson mandela certainly changing the world, the legacy he left the hide. plus, ted williams, known as " the kid" and "the splendid splinter" one of baseball's all-time greats. and the kid who may become the next warren buffett. all of that and more over the next hour. first, let's go to the headlines from our radio cohost carol massar. a five-&p 500 snapping day slide, gaining more than one percent, after better than expected u.s. jobs reports. dropped toyment rate a five-year low, payroll with 203,000 jobs added. sears is looking to spin off its lands end unit which has remained profitable despite the company struggles. and there was much glitz and glamour for today's world cup draw. rizzo will faced mexico, -- brazil will face mexico, cameroon, and portugal. those are some of the top headlines. massar. you, carol the world mourns the loss of one of its great leaders. nelson mandela emerged from 27 years in prison to become south africa's first elected black president, dying yesterday at the age of 95. the
Bloomberg
Dec 5, 2013 6:00pm EST
developing story, former south african president and worldwide symbol of freedom nelson mandela has died at the age of 95. tributes are coming in from around the world. here is president obama. sacrificing his own freedom for the freedom of others. he transformed south africa and moved all of us. his journey from a prisoner to a embodied the promise that human beings and countries cachange forhe better. the commitment to transfer power and reconcile with those who jailed him is an example that all humanity should aspire to. he joined the african national congress and worked to oppose apartheid. inwould be sentenced to life prison and remained behind bars for 27ears for being released. want a free man, he was able to negotiate an end to apartheid rule and become the first elected black president of south africa and a global icon for reconciliation. nelson mandela is the subject of the latest film that hit theaters this weekend. i am joined with more. >> harvey weinstein has put out a statement on its passing. one of the privileges of making movies is immortalizing those that have had a profo
Bloomberg
Dec 7, 2013 8:00pm EST
death of nelson mandela with the cbs evening news. >> he was born july 18, 1918. his mother gave him a name meaning "troublemaker," but later a school teacher in nelson. he moved to johannesburg at 23. he became one of the nation's first black lawyers and joined the opposition african national congress in the early 1940's, devoting himself to peacefully ending apartheid. then in 1960, peaceful black demonstrators were killed by white south african police in the infamous massacre. mandela came to believe then that the only recourse was violence. >> it is futile for us to continue talking peace and nonviolence against a government whose reply is only savage attacks on an unarmed and defenseless people. >> he was arrested and sentenced to life for sabotage and conspiracy. he served most of his life on robben island, the alcatraz of south africa. a fellow prisoner said mandela never let his spirit die. >> he accepted that he may not live to see the victory. but he did not doubt that the freedom struggle would triumph. >> mandela was imprisoned for 27 years. on february 11, 1990, at the age
Bloomberg
Dec 5, 2013 11:00pm EST
rundown. nelson mandela died at the age of 95 and tributes are pouring in around the globe. >> we've lost one of the most influential and courageous and good human beings. he belongs to the ages. >> mandela served 27 years in prison after being convicted of treason with the white minority government. three years later, he won the nobel peace prize. he became the first elected black president. once again, mandela has died at 95. we'll have more later in the show. meantime, our top tech story, twitter has added the first woman to their board effective immediately. she was ceo of pearson until last year. twitter faced controversy for not having a woman board member. she tweeted, "there could not be a more exciting time to join." john is in l.a. what is the latest? >> this was a priority to have a woman join the board. there are a number of things that made her the right candidate. she is smart and a forward thinking person. speaking with someone who worked with her, she pushed the envelope in the industry. the international experience and media experience is helpful for where twitter is
Bloomberg
Dec 9, 2013 10:00pm EST
>> from our studios in new york, this is "charlie rose." >> that there be work, bread, water, for all. let freedom reign. god bless africa. i thank you. >> nelson mandela, the former president of south africa, died today. mandiba was a man for all seasons. his life gave meaning to millions. after his release from prison in 1990, he was awarded the nobel peace prize and served as president for five years. the power of mandela could not be captured in a snapshot. it was also the man himself. he was a quiet man in many ways, but with great power to influence. a father of six who is also a father of a nation, a country, and a philosophy. he was born in 1918 in a small village of the eastern cape of south africa. his work against apartheid policies grew in the coming years. in 1963, he was put on trial for plotting to overthrow the government with pilots. he said at the trial, i have cherished the ideal of a democratic and free society in which all persons live together in harmony and with equal opportunities. it is an ideal which i hope to live for and to achieve. but if i need be, it is an ideal for which i am prepared to die. after he stepped down as president, he worked tirelessly to promote his agenda of equality. he wanted to engage in quiet reflection. he is survived by his wife, graca machel, and three children. joining me now is a close friend of mandela's. rick stengel was the author of "long walk to freedom." we will also be joined by david dinkins. you knew him 25 years. godfather to your daughter. >> 22 years. >> tell me how they are handling this. >> i think it is clear to see that, especially with respect to mrs. machel, is a unified women. they have been graceful through this process. ofre is a profound sense saddness. you finally get the word that the chief is gone, it is overwhelming. i think there is an equal amount of joy in festivity. now this major event has happened. i think the family is actually very dignified and holding up well. >> what we know about what is going to happen between now and the funeral day? >> there are a series of protocols that have been put into place that the south african government are executing. on the 10th, there will be a huge rally. the funeral is on the 15th. i would anticipate is one of the largest gatherings of heads of state in modern history. you may even see more at the state attended nelson mandela's funeral than john f. kennedy's. there will be more protocol put in because of madiba's extended illness. there was a lot more time to plan. >> he had said that he wanted a quiet exit, but when he was in pretoria hospital, it was anything but quiet. but he did get to have that quiet when he went back with family, or not? >> we said our goodbyes it while back. he has not been himself for a number of years. it was unclear how involved he was in any of these preparations. the man we know would have said, i don't want a big funeral. just take me to where my ancestors are. i think he was a little disingenuous about that. he was of two minds. he would be, why such a small funeral? i don't think that he would approve of the government of south africa using the funeral to exhibit the confidence of south africa. -- the fact that south africa democracy.modern >> there is the legend, there is the myth of mandela, there was the mandela that you knew, and it was the mandela that new who and what he was and had time to reflect on it. tell me about the man. >> i talked a lot. i even talk to you about the myth of him being a saint. he hated being called that. he was not a saint for all kinds of reasons, in terms of his own private behavior, which does not even matter, but he was not a saint because he was ultimately a pragmatic politician. people compare him to gandhi, martin luther king. he said to me, for those men, nonviolence was a principal. for me, nonviolence was a tactic. i used it as long as it was successful. when it's stopping successful, i turned the anc into a military armed wing. my great goal was freedom and justice for my people. anything that would get me there would be what road i would take. that is a pragmatic politician. that is not a saint. >> i agree with that. he was very pragmatic. one of my reflections after 20 plus years was how real he was. if you saw him flirtatious, or joyful, or festive, or playful, it was that way when he was behind the scenes or in front of the camera. but when he went out on a public appearance, he was fully aware of how he was being projected, how he was moving. i'll tell you an interesting story towards the end, when the world cup was there. we walked in to have a little personal time with him and he said to me, how did we do? that is an amazing comment. he was so interested in how the country reflected around the world, of the image reflected. i would talk to him about -- you know, there was a lot of time in between protocols and him between business where you are aiming out for four hours, five hours at a time. and i would say, what was it like? he can be very sweet, very insightful. >> he had the right touch whether you were four or 94. >> think the principle of robben island was missed, when he said what do you miss? the number one thing that all the prisoners said was the laughter of children. when madiba got out of prison and saw what his new wife was involving, he was just joyful. the nelson mandela children's fund was never work for him. all those appearances, and i had been with him many times, he just loved children. you'd walk out of the house and the security detail would be furious with him, you go for a walk and ring people's doorbells. he would open the door and he would say hi, i am nelson mandela. >> i knew him long enough ago when people did not know him when he rang the doorbells. >> this was what year? >> 1992 and 1993. when we stayed outside of where he built his house, we would take these very long early morning walks, and i mean early, 4:30 a.m., 5:00 a.m., and we would walk to different villages. people did not know who we was. they thought he was a visiting chief. he loved it. he could not love it more when someone did not recognize him. to bear jerry out, i think he is better with four-year-olds the 94-year-olds. [laughter] he loved children and he loved holding them. there is a wonderful story that not many people know. on the day of his release, february 11, he was supposed to give a speech. his car got lost. they said, how do we get back to downtown cape town? there was a white woman with a pram wheeling her baby along the sidewalk. the car door open, nelson mandela popped out, the date of his release, and he said, i am nelson mandela. may i hold your baby? he took this adorable girl in his arms, and then asked directions to the grand parade? he had not held a baby and 27 years. >> years later, he wanted to go on vacation, but he wanted to go where the family could be quiet and not been nelson mandela. we get a call that night. it is a very emotional call. the family is very excited because it is the first time he had ever set foot in the ocean, put his foot in the ocean. >> and he is like 70 something years old? >> it'd been like 40 years, he had never been in the ocean. by that time, his legs were hard to move and stuff like that. he was just so boyish with the fact that he got to walk in the ocean. >> no one knows what it is to be imprisoned and have none of those things. things we just consider part of life, foot in the ocean, holding a baby. did he choose history or did history choose him? >> more than most. i'm a big fan of the expression, come at the moment, come at the man. when young nelson mandella first came to study law, he walked into a real estate office. he said we were trying to become a mass movement. and then one day a mass leader came into my office. he was tall, handsome. one thing you would said, that man could smile. people do not smile in the 50's. look at pictures of politicians no one is smiling. nelson mandela was beaming. he was ahead of his time. >> what would he talk about? >> it was interesting. you can lead him in certain directions. we got to a point of intimacy where he was used to you being around. he was very principled. if you talk out of turn, you could bet the figure would be waiting you. you could say to him, were you lonely? what did you miss? what happened was he said, sometimes i feel more lonely now than i did when i was in robben island. you would work all day long. there were times when you go to the house to pick him up and he would be sitting alone in a chair. it was a great, great responsibility. i want to say that when he first got out of prison he had to go to a dinner one night. one of his friends pick him up in the car and had to drive him to a dinner. you realize that he had no money. so he stopped with mandella and went over to an atm and put the card in. mandela some money coming out of a wall. [laughter] he did not know what an atm was. he said to the guy, what was that? >> it was a cute thing. at his inauguration we had the privilege of doing a heads of state luncheon. i thought it would be clever to take that picture that everyone is showing him in a swearing-in on the day. i held open three photo labs in pretoria. we had 1500 copies of this made. after we served the soup course, we said, thank you for attending the first democratically free presidential inauguration. we put picture. when i went to show madiba it was only a few minutes before. he looked at it like a boy, astonished. really sweet. >> how did you become the co- author of his autobiography? >> i had written a book on south africa. when mandela was signed up for the autobiography, someone was being looked for to write it. i then asked if i would do it, and it was an offer i could not refuse, no one could refuse. it was most extraordinary. >> what do you think he would like us to be talking about? >> i think he would like us to be talking about how south africa can grow and progress and evolve after he is gone. he had set the template for democratic, non-racial, capitalistic country that will thrive in the 21stentury. i think that is what he would like us to talk about. one of things i noticed in all the interviews we did -- he was self-consciously modest. i would say, when you did this, and he would say, no, it was us, the anc. when i said, the anc did this, no, richard, that was me. [laughter] remember, the struggle is my life, he said. he wanted to make sure his country and people were provided for. >> your wife is from south africa? >> both from cape town. >> i got to meet him on his historic visit to new york. i helped out on the logistics. robert deniro and his generosity did a major reception party when he opened up the tribeca bar and grill. he said to me, before i go home to south africa, is there any way you could introduce me to elizabeth taylor? i didn't know her, but i knew michael jackson. i called michael jackson and said, can we introduce her when he goes to los angeles? michael said yes. he calls back later and says, elizabeth taylor would be happy to see mr. mandela, on the condition i come. i said, i can't promise that. let me ask you. i want to madiba and said, i don't really know elizabeth taylor, but michael jackson does and if she comes he was to accompany her. he said, that is fine, but who is michael jackson? [laughter] mehe said can you imagine tayler?elizabeth [laughter] >> when we were trying to change the image of south africa to come out of the apartheid era, one of the tactics we wanted to use was to show the beautiful visualizations of south africa up by getting on tv in many countries around the world. one of madiba's favorite things was when he would meet the 90 girls each year and then, after the second year when the tension of, is the logistic working, we played a little joke on him. we asked all the girls to wear bright colored lipstick. we have a picture of wary as like 40 kisses on his face with all the bright colored lipstick. >> joining us now is the honorable david dinkins, former mayor of new york. >> tell us what you remember of nelson mandela. >> i was a big fan. of course, he help me get elected as mayor. he was insistent that we could get nelson mandela to come to new york. terrific, if we can do it. this is the first place to which he came outside of south africa, was to the united states. he might well have gone to washington, or atlanta, a lot of other places. >> london. >> we were fortunate. he stayed here. when he stayed with my bride with me in gracie mansion. >> he was your guest. >> almost a week. he was the same whether playing with our grandchildren -- we had a granddaughter at that time. i think she was born in february and this was june. she was a little thing. he was the same man or whether questioned by ted koppel. ted koppel leaned in, and said, about the communists -- and madiba said, they were the only ones that helped us. and moved on. [laughter] >> let us talk about the women in his life. winnie and then graca machel. >> she was from a small family. evelyn. she was very young, he was a young man. they had three children quite quickly. as he became political, she became more religious. i think she was a seventh day adventist. he realized later, and said this about his mother as well. i was trying to bring a revolution to my country and educate my own people about democracy and freedom and i had not been able to do that to my wife and my mother. he felt that was a lack. they went their separate ways. it was a sad situation. then he met winnie. >> you look at young pictures of winnie mandela, a physically gorgeous woman full of strength and pride -- >> she was an activist. >> an activist in her own right. at that moment in time, they clicked and became an indelible force. with the celebration of all the documentation of mandela being imprisoned for 27 years, sometimes credit is not given to winnie about what she had to endure. those early years of prison, they would go to her house at 2:00 in the morning, shake her down, stripped searcher. a lot of people don't remember you talk about courage and strength, she was in solitary confinement for 18 months. after 27 years in prison, when you grow apart, winnie came out. everyone wanted a piece of him. it had to be lonely for both of them. to this day, i think there is a very great love between the two of them. she is a great lady. all of a sudden, he is now 79- 80. the wedding comes with mrs. machel. >> the widow of the president of mozambique. did you meet her? >> yes. i was embarrassed because the first time i met her, i didn't realize i had met her before. i said something stupid -- [laughter] and it was like, we've met before. she was very gracious and very sweet. but what an amazing man mandela is. every year, his birthday is i think the 18th of july and mine is the 10th. each year, i would send him a message, happy birthday, madiba. when you are 109, i will be 100 and we will meet and have a drink. i will get to do that anymore. anymore.o do that it's very sad. >> when was the last time you saw him? i guess it has been six or seven years, maybe. >> i was part of tony o'reilly's advisory group. >> the irish businessman. >> we used to go annually. we had two meetings, one in south africa in february and one in ireland. when we were in south africa, we would get to meet with madiba and later with others. it was on those occasions that i got to see him. >> there is a whole interesting tale there. his father was on robben island. i guess we can say it now they never got along. our memory was of him saying some things that were not as wonderfully flattering as you would like. he forced upon with tabo. there were two groups. there were those who would stayed, and the exiles. those were the old mainstream of the anc. mandela's advisors all wanted the old exiled group to come to power. mandela i think actually favored the interior people. he was not an authoritarian ruler, even within the anc. he was often outvoted by his comrades. i think he was outvoted there, too. >> last time you saw him? >> last year. >> he is the godfather of your daughter. >> he named her. he was very close with prudence. prudence, being a very prominent south african journalist. we went up to him and said we are couple, he looked at us like, what have you been up to? we asked if he would give us his blessing and be the best man. he said, it entitles me a child. he said that with that and get a baby. it took us nine years to have a baby. when the baby arrived, he was so excited. he was on vacation and he called up and said, i have named your child. ok. do want to tell the boss? she is here. what have you named her? what does it mean? "the one who has taken a long time to come." when she sees me, she will see i'm an old, feeble man and will start to cry. so we saw him a year ago. >> he had something to do with mohammed ali. to see the two of them together >> it was a very special night. i was visiting with him up at the waldorf. he was in rocky shape even then. i said, i have a night. you think i can see some of my friends before i go? robert de niro, the celebrated actor, people don't understand how generous he is and what a great philanthropist he is, but he hosted mandela at the request of our great mayor when he first came at the tribeca as part of the june visit. i said, you want to end it with us? on that may evening in 2005, it was a very sweet night and we reenacted the boxing picture with ali and him. it was a very sweet night. >> on one occasion, i was at a luncheon seated next to mohammed ali. when he spoke of the honorees, he said service to others is a rent that you pay for space on earth. i was so moved by that i wrote it down. i always use it now and i speak at a funeral or memorial. it fits nelson mandela so well service to others is the rent you pay for space on earth. i say, the deceased has paid in full. let them not look down and find is in arrears. back in a moment. ♪ >> the africans require, want the basis of one man, one vote. they want political independence. >> do you see the africans being able to develop in this country without the europeans being pushed out? >> south africa is a country of many races. there is room for all the races in this country. >> we look back at an interview i did with nelson mandela i did in 1993, 20 years ago. help us understand what it was like for you and how does a man maintain the strength, his belief, his integrity, on an island where he is been sentenced to life in prison? >> there is nothing as inspiring as to know that the ideas for which you have sacrificed will triumph in the end. one of the things that we are constantly aware of, 24 hours a day, was the fact that ideas of liberation were much alive. that our people inside the country were fighting back. that the international community, irrespective of the government, was empowering the country. that was a source of tremendous inspiration it kept the morale of all is very high. therefore we were -- in prison because of the knowledge that an car that our incarceration was not in vain and the possibility of is coming back to play our part as part of a greater aspect of the freedom fighters was always possible. this sustained us. also, to share these experiences with a man who was with me in prison. some of you who have cited. it was a tremendous experience. >> how about your vanity imprison? i mean that with the greatest respect. what was it like, having your garden? give us an idea of being in prison, with the goals you had, with the fight of people outside of prison. with the battles to come, what does small thing like a garden mean to you? >> well, there were moments when one doubted whether he had done the correct thing by abandoning your wife, your children, and literally throwing them to the wolves. that was a cause of constant concern on my part, to see my wife humiliated, how did by the police from job to job, threatening and forcing them to dismiss my wife. my children being babies, being hounded when they went to school. the authorities were compelled to dismiss them so they could go to an african school. the fact that i was not there to protect them, to guide my children. it is a terrible pain, indeed. but after agonizing over this, in the end, i had done the right thing. if i was released, and had the opportunity to do what i did, i would do it again. that is necessary for us to occupy ourselves during the day, to do the type of thing that you like. reading. >> what did you read? >> about gardening. creating life, see it growing and maturing into beautiful vegetables. that was an experience which elevated one. i liked reading political works. biographies and novels. i like to enjoy them. >> let me come back to the garden question. with respect to the garden, were you good at it? >> well, i was a student. at college, it was the task of the students to go and work for the members of the staff. i was fortunate enough to be able to work for members of the staff who had gardens. i looked up at the gardens. now i had the opportunity to read works on gardening and other publications dealing with farming. i became quite informed as far as gardening is concerned. but primarily for vegetables? >> primarily. >> what vegetables? >> i had a variety of vegetables, like tomatoes, spinach, onion -- >> could you eat them? >> yes. strawberries. i tried peanuts, but i was unsuccessful. >> why not? >> i did not have the technique. of planting them and cultivating them. >> but you had fertilizer and all the things? >> yes. >> did boxing make a difference? the fact you had been an amateur boxer? >> it taught me discipline. how to go forward. how to retreat. when the opposition is so strong that i could not overcome it. how to face your problems. >> that sounds like the lessons of either political or military warfare. when to flank, when to watch her flank, when to go forward, when to go on the defensive -- >> these are basic principles of boxing as a sport. you must, even before you actually don the gloves, you must have the basic rules of the game. to be able to advance, go forward, if you can put out your enemy, you must do so. in fighting, if your rival is superior, you stay out. you circle around, you concentrate on body punches and wear him down. you have to study your enemy before you go to the ring, but more important is to study him in the ring. >> and don't take your eyes off where his hands are. >> of course. it is a basic rule of the sport, but it is also a basic rule of the military. >> so if you are in the boxing metaphor, where are you? opponent? areour you in the 14th round? >> we are negotiating. and when you are negotiating in regards to a country, you're not thinking about victory. you're not thinking about victory for yourself. you don't want your opponent to be a loser. you are thinking of a victory for the people as a whole. south africa must have the victory. therefore, i would hesitate to see any political party weakened. i want all of the political parties involved in the negotiations to be strong so they can bring contingencies to the negotiation floor. so they can speak with one voice on the fundamental question of freedom. you don't, in negotiation, seek the type of victory you seek in a boxing match. >> you love your country more than you love anything? >> well, that is difficult. i have got a formula with children. >> it is almost like you are married to your country and destiny has made this marriage is and you have no choice. >> it is inconceivable for me to love anyone more than my children and my grandchildren. my daughter now and again says, i grew up without a father. my father was in prison. but, i entertain the hope that one day he would come back and i will have a father, like all other children. i would stop being an orphan during my father's lifetime. my father came out. he has now become the father of the nation. i still have no father. i have got a grandson. he is four. i asked him, on his birthday, what do you want me to buy for you? he said, i want a motorcar. we got out of the car. he was holding my hand, my left hand. we went into the shop. as we walked in, crowds milled around and they shook my hand. he left this hand and came to grab this hand. i said, you hold his hand? he said, no. he saw me greeting people with this hand. i stopped being his grandfather. i was now a grandfather of so many people he did not know. he was so upset that even when we entered the shop with the vehicles, he was no longer interested. that is the type of experience, a grandfather who was a grandfather not of my grandchild but of the people around. it was a very painful experience, but nevertheless we have to permit ourselves completely to the organization and the hope that the children and grandchildren will understand. >> so, the biggest pain for you has been for the children you did not have time for and now your family is as large as a nation? >> that is correct. this is an experience, of course, that affects thousands of freedom fighters. not only in the national african congress, but in other political formations as well. >> is it hard not to have a wife with you? >> to be with your wife is a tremendous source of confidence. but you have to trust to the situation. >> how painful was it? >> i usually talk very little about domestic matters, but she is a woman who supported me when hard times were knocking at my door. one of the difficult decisions to make was to leave the joint household and go and to establish myself elsewhere. >> difficult because of the sacrifice because of your imprisonment? >> i would prefer that we leave those issues aside, but it is correct that she supported me very strongly when i was in prison. >> one last question on that because it is such an issue. how do you view her today? >> she is entitled to her own political views. >> which is? >> whatever views she has, she is entitled. once we accept the democratic process, we must accept its full implications. they're entitled to have their own views, whatever i think of them. >> you have, at this moment, no reservation or indecision along with the council you have taken with your colleagues that the decisions made by you and them are right for south africa? the sacrifices, the tolls, the price you paid, the blood that has been spilled was necessary? painful but necessary? >> absolutely. we are an organization which, from its foundation, committed itself to building a nation through peaceful, nonviolent, and dissident struggle. we were forced to resort to arms by the regime and the lesson of history is that the masses of the people -- the political action they used is determined by the oppressor himself. the oppressed will never resort to violence. it is when the oppressed, in addition to policies, uses violence, they will retaliate by similar forms of action. therefore, the blood that was spilled, responsibility for that lies clearly on the shoulders of the regime. >> at the same time, you and the anc had acknowledged violence in the anc camps as well. >> we are perhaps the only organization, certainly in africa, and across the world that has had the courage and honesty to take the public into confidence. >> that is true. >> to say -- we set up that independent commission because we wanted to get to the bottom of this. when they gave the report, which looked at to the public and said to them, these are the findings of the commission. these are their recommendations. hardly any organization in our country has done that. when that report was released, they did not have the courage to publish it, to take the public into confidence. we have done something totally different. >> you certainly have. let me just end with this, because they told me i have to cut. one last notion -- april 27, 1994. free elections. black africans in south africa will express, for the first time, their political will. will that be the happiest day of your life? >> yes and no. yes, because, as i have already said, that is a day of liberation. when the people of south africa will be able to elect a government of their own choice, when they take their destiny into their hands and be able to run their own lives. no, because it may well be that it is going to be more difficult to maintain that democracy than it was to bring it into reality. there are going to be very awesome challenges, and it will really test the ability of those who are leading the democratic process in this country. >> nelson mandela, perhaps the most admired man in the world, died in south africa, age 95. ♪ >> live from new york. this is "bloomberg west." we are covering the global technology and media companies that are reshaping our world. i am cory johnson. our focus is on innovation, technology, and the future of business. let's get straight to the rundown. a coding lesson from mark zuckerberg. his video is one of many for students interested in the coding
Bloomberg
Dec 7, 2013 9:30am EST
>> this week on "political capital", former secretary of state madeleine albright talks about nelson mandela and north korea. the latest on budget negotiations and the november jobs report. margaret carlson and ramesh ponnuru debate obamacare's revival. we begin the program with the former secretary of state, dr. madeleine albright. thank you for being with us madame secretary. , >> good to be with you. >> you paid tribute to the noble statesmen, nelson mandela. you say you treasure the memory of your meetings with him. what is the most memorable? >> the most memorable was his modesty. i was ambassador at the united nations. he walked up to me and said, hello, i am nelson mandela, like you would not know. when he spoke at the general assembly session, he walked up slowly to that podium and he would take out his glasses and he would clean them and then he would put them on, then he would speak with a great cadence. i also visited him. as a human being, he was stunning. the more you knew the history of a man that had spent so much time in prison. for me, the most important thing about him was his forgiveness. >> no bitterness. >> no bitterness. >> you said his words and works will survive. when you look around the world today whether it is asia, the middle east, or africa, there is the anti-mandela forces that are dominant. racial, religious strife and the like. why is there no mandela today? >> i think it is important that we actually use his passing as a way to try to teach that lesson because i think it is so easy to develop that animosity and to keep revenge and polarization. i do hope that we can use this as a teaching moment because he actually used it as a teaching moment. i think we are so divided by local interests wherever it is and a real sense of the globalization which has had an opposite effect of making people identify more with their own group because they feel so lost. they are proud in their own identity but when it curdles into hatred of the next people, then that develops this poisonous atmosphere that mandela did not put up with. >> let's turn now to north korea. there were reports of internal strife. kim jong un sacked his uncle and mentor. what does that mean? they might try to get militarily adventuresome? >> they are hard to read. he is clearly trying to prove that he is in charge. the uncle was kind of put in there as regent in order to watch over him. there was also a military contingent that was part of that. i think that we don't know what the affect of it is and they have a tendency to do something to distract. on the other hand, it could be seen because some of these people were known to be hardliners, that he wants to move in a different direction. the bottom line is we do not know. >> you were one of the few diplomats to ever spend time there. he was not the leader then. do we know anything more about him now, the way he is different from his grandfather or father? >> we don't. we don't know a lot. people were supposing because he went to school in switzerland that he might have a different idea about things, that he might have more western ideas. very few people have met with him. i think we do not have a lot of information on him. the weird thing is that we did not know that much about his father. i know when i was going over there one of the hard parts was trying to get information on him. ultimately, i spoke with the president of south korea who was able to tell me that kim jong-il was not crazy, he was someone that you could negotiate with who was smart and knew the details of a lot of stuff. when we get in tense situations we rely a lot on the chinese. , when you look at the context of the conflict, the turbulence going on in the south china sea, will that make it harder for the chinese to rein in the north koreans? >> we are involved in a trilateral story which is korea , japan, and china all have interest in the south and east china sea. the koreans and the chinese are anti-japanese. that has held them together. the koreans and the chinese have some common interests in not having threats come out of north korea. there are different interests there, the chinese have their own interest about north korea which i don't think will get in the way of this. >> one of the sad stories is that the north koreans captured an 85-year-old tourist, made him engage in this phony confession. will he get out? is there anything we can do? >> i hope so. there are those that are making an effort. i gather you made -- i gather he made this phony confession and there are those that believe that the fact that they did that means it is one of the ways that he might get out. >> let me switch to iran. you have been a supporter of the interim agreement on nuclear weapons. what do you tell israeli prime minister benjamin netanyahu when he says that this is a mistake? >> i think that you tell him, and i gather that secretary kerry has been working on this and other levels, people are saying -- first of all, this is an interim agreement. the final agreement would be something that would be very good in terms of making clear that iran was not a nuclear threat. one of the kind of things you say about agreements, nothing is agreed until everything is agreed. that is an important proviso of it. one has to keep telling the israelis and prime minister netanyahu that the u.s. is an ally and cares about the security of israel. getting an agreement and getting some kind of understanding and control, and a rollback of the iranian nuclear potential is something that is ultimately in the security interest of israel. >> will we get an agreement by next summer? >> i am an endless often missed who worries a lot. i think they will work very hard on it. i think that this is a very important aspect. i know the people doing the negotiating. it is not just the u.s. it makes it even more clear that the interim agreement is a good idea because what it has done is halted some production and has rolled back aspects and provided a whole kind of series of potential inspections which we have not had before. it makes it much more likely that there will be one and we have to be supportive. frankly we should not do things , that make it more difficult. there is no question that the reason that the iranians came to the table because of the sanctions. a small part of them have been lifted. adding sanctions would make it worse. >> madame secretary, thank you for being with us. when we return, the latest on the budget negotiations with bloomberg reporters. ♪ >> welcome back. budget negotiators are working through the weekend in the hopes of getting a deal. president obama reflects on nelson mandela. julianna goldman and heidi przybla join us. will they get a budget deal by the end of next week? >> both sides are optimistic. you have to look at where they started out. they started out with a very narrow amount of options. what we are talking about is that that list has narrowed more. it is not necessarily getting easier with those smaller items. specifically the democrats are , raising concerns about what will happen to federal employees. >> if they do get a deal, it would be a pretty small deal. the politics are important as opposed to the fiscal or economic impact. >> it will be a very small deal. >> the range we were told they started out with was $50 billion-$100 billion. we are being told that that might be whittled down so much that they might not get anything more than a patch deal for about one year. that is very small. that leaves a lot to be dealt with. >> what is the white house doing? why does the white house care? >> it avoids another shutdown. while the republicans came out of the last shutdown looking pretty bad, the president's approval ratings are not looking good either. >> it hurt the economy. >> the economy is moving in the right direction and any sort of shutdown or shake, the uncertainty in washington is what is damaging the economy right now. at least it puts in certainty even if it is just for one year. >> as they take budget off the table temporarily, what is obama doing as his domestic priorities? >> he has to devote all of his attention into righting the healthcare ship. this is his legacy-defining item. they think at the end of this week the enrollment numbers are , looking pretty good but that is in the front end. that is the user experience. enrollment is a lot different than actually getting the 7 million people that they need signed up and having purchased health care. they are focusing big on colleges, on getting the word out to be able to get the young uninsured signed up to balance out that risk pool. >> i am not in that risk pool. i am not in that category. if they are going punt on entitlements and taxes, which they're going to do, they will not do it next year either, are they? >> i am starting to believe that none of that can happen, meaning structural changes to entitlements until we have another big election or some kind of big economic shock that forces these lawmakers to come together. the house is a big part of the problem but the senate is becoming a big part of the problem as well. in the house this goes back to , politics and the fact that individual lawmakers, republicans specifically are so concerned about challenges from the right instead of having a democrat challenge them that they are not going to cut a deal that makes them look like they are not conservative. >> let's talk about what else they might do besides the budget. they only have about a week left, will anything they will get done? >> there are things they have to get done. this year, we have unemployment insurance expiring for 1.3 million americans. there is a farm bill that is expiring. you can see shocks in the dairy market. there is also other housekeeping things. we need to confirm another fed governor. there's a lot that needs to be addressed. they will have to prioritize. >> they will be leaving town in a week or so with the lowest approval rating of any congress ever. this is probably the least productive congressional session, certainly that i have ever seen. do they care? >> when you ask them about that and particularly when you talk to republicans about it, they say that they have stopped certain pieces of legislation, they have stopped new regulations, they have stopped a lot of the fiscal overspending that they seen as a problem in washington. they are proud of that. you are technically accurate, this is the lowest number ever of bills passed ever recorded. yes, they say that they are proud of that. when you look at it and what is falling by the wayside, it is the basic function of government that is not getting taken care of. we are not even funding the federal government. we have been repeating this pattern of stopgap spending bills. >> let me turn to the great african leader that died, nelson mandela. he meant a lot to barack obama, didn't he? >> they met just once and had limited communication. both of them are so tied and bound by history. both of them broke the race barrier. they are both nobel laureates. but obama's political activism, his sense of service, it was really born from mandela. obama got his start working in the anti-apartheid divestiture campaign when he was at occidental and was the first big speech he gave. president barack obama is directly tied to president nelson mandela. >> you said they only met once, when? what were the circumstances? >> it was in 2005. barack obama was a freshman senator. he was driving and he got a call that said, nelson mandela is at the hotel. do you want to meet him? he had his driver who was also an amateur photographer. they got to the four seasons and the guy thought, maybe i should grab the camera. they are going up the elevator to the suite and he notices that the battery light is blinking. so, they walk in and mandela is reclining underneath the window with his legs propped up and obama went up to shake his hand and david got a couple of pictures and then the camera died. that picture is hanging up in the residence at the white house, in his office. it is framed in the oval office and it was framed in mandela's study. >> i think the president is right, we will probably never see his like again. to be in jail for 27 years and come out without bitterness is extraordinary. when we return, we will talk about the november jobs report. ♪ >> welcome back. we will get to margaret colson and ramesh ponnuru in a moment but first rich miller is here to break down the november jobs report. 200,3000 jobs, unemployment is down. even rich miller has got to be pulling out his wallet for holiday spending. full of good cheer, right? >> for once, i don't have to do that. we got an early christmas present from the bureau of labor statistics. this was a strong report across the board. jobs picked up, retail picked up. two thirds said they expanded payrolls. unemployment at the lowest rate in five years. unemployment fell mostly because people are working, not dropping out of looking for work. on the whole, pretty good. >> gdp got upgraded but that might be less than meets the eye. >> some say this sets us up for a good year and of course we have heard this before. i think the gdp report that says maybe it will not happen until the middle of next year. inventories went up a huge a little bit ahead of themselves. the growth might be stuck in two percent over the next couple of quarters. they might move up finally to escape velocity, 3%. that may be the middle of next year. >> in 10 days, the fed meets. i guess is it bernanke's last open market committee? >> it is the second to last, but it is the last scheduled press conference. >> what are you looking for? >> you like these movie analogies. cool hand luke -- what we have had here is a failure to communicate. in june, he said, we're going to end quantitative easing. we have the unemployment rate at 7% in november and they have not even started to cut back on quantitative easing. there is a good chance, i put it under 50%. there is a chance they will start a small cut back in quantitative easing at that meeting. >> janet yellen will be confirmed next week. they have only had one change in the past 25 years. is there unease over here? >> the continuity candidate, basically. even though she is on the dovish end of the spectrum, i think on the whole, they are someone that believes in the purity of the argument. she comes with very detailed arguments, very well-prepared. she is not emotional or anything like that. i think it would be a pretty easy handover. >> let it be known that it is an ebullient rich miller. are the democrats out of the woods on obamacare? it is all the land of great promise. >> it has not reached escape velocity, but it is vastly improved. but the best that it is doing so much better is that the republicans lowered the volume on how bad it is. john boehner complained bitterly that his premiums went up ever so slightly but he just happens to be a chain smoker and that is not a pre-existing condition. >> that does not help your premiums. what do you think? is a dynamic changing? >> the website is improved and republicans would be out of touch with reality if they did not acknowledge that. democrats are out of touch if they don't understand that the situation remains bad for them. we have a 10% error rate. we don't have enrollment hitting anything like the targets. this is a situation that looks good only in comparison to a way looked in october. it does not look good in comparison to what anyone was projecting before. >> let me turn the tables and talk about a cow girl fight. the cheney sisters. liz is running for senate in wyoming. mary cheney, is gay and married, and liz opposes it. who is right? >> i do not think we will not settle this but this illustrates that this is one of the issues that can painfully divide families. the cheney parents have said that this is a long-standing painful disagreement in our family. the sad thing here is watching it play out on the public stage. >> dick cheney came do a fundraiser for liz and he has emerged on the side of liz cheney. what is sad about that is that it is on the side of careerism, of helping her win a senate seat, when the very soul of his daughter mary is involved and at one time he was with mary on this issue. >> ahead of his own president. >> yes. he said in his statement, don't confuse liz's compassion for mary with support for gay marriage. i thought that was the worst thing that a dad could say. oh, liz feels sorry for mary. he is a politician at heart and he wants the senate seat. >> it is sad but i thank you. it is never sad with you guys here. thank you for watching. we will see you next week. >> "political capital" is a production of bloomberg television. ♪ . >> i am deirdre bolton. welcome to "money moves weekend," where we bring you some of the best interviews of the week. our focus is on alternative assets -- places investors are putting their money outside of traditional stocks and bonds. we talk to experts in the world of private equity, venture- capital, and much more about where they see opportunities. today on "money moves weekend," we focus on the expanding world of digital and mobile app strategies. what do clients want most?
Bloomberg
Dec 6, 2013 8:00pm EST
nelson mandela. i am mark crumpton. that is it for bottom line. have a great weekend. i will see you next time. ♪ >> from our studios in new york city, this is "charlie rose." >> we begin our coverage of the death of nelson mandela with a -- the cbs evening news. >> he was born july 18, 1918. him a namegave meaning "troublemaker," but later a school teacher in nelson. at 23.d to johannesburg he became one of the nation's first black lawyers and joined the opposition african national congress in the early 1940's, devoting himself to peacefully ending apartheid. 1960, peaceful black demonstrators were killed by white south african police in in infamous massacre. men alike came to believe the only reef force -- mandela came to believe then that the only recourse was violence. >> it is futile for us to continue talking peace and a governmentgainst whose reply is only savage attacks on an unarmed and defenseless people. >> he was arrested and sentenced to life for sabotage and conspiracy. he served most of his life on island, the alcatraz of south africa. a fellow prisoner said mandela
Bloomberg
Dec 7, 2013 10:00pm EST
>> from our studios in new york city, this is "charlie rose." >> we begin our coverage of the death of nelson mandela with the cbs evening news. >> he was born july 18, 1918. his mother gave him a name meaning "troublemaker," but later a school teacher in nelson. he moved to johannesburg at 23. he became one of the nation's first black lawyers and joined the opposition african national congress in the early 1940's, devoting himself to peacefully ending apartheid. then in 1960, peaceful black demonstrators were killed by white south african police in the infamous massacre. mandela came to believe then that the only recourse was violence. >> it is futile for us to continue talking peace and nonviolence against a government whose reply is only savage attacks on an unarmed and defenseless people. >> he was arrested and sentenced to life for sabotage and conspiracy. he served most of his life on robben island, the alcatraz of south africa. a fellow prisoner said mandela never let his spirit die. >> he accepted that he may not live to see the victory. but he did not doubt that the freedom struggle would triumph. >> mandela was imprisoned for 27 years. on february 11, 1990, at the age of 71, he walked free. cbs news correspondent bob simon covered his release. >> the mandela limousine was a beat up toyota. >> archbishop desmond tutu says prison made the man. >> he was a fairly robust and aggressive young militant who became a generous, understanding person. >> i cherish the idea of a south africa where all south africans are equal. >> in 1993, mandela and the south african president who freed him, f.w. de klerk, shared the nobel peace prize. a year after, mandela became south africa's president. >> bread, water, for all. let freedom ring. i thank you. [applause] >> mandela chose to serve only one term. in the end he came to personify the struggle, a political prisoner who became president and save case south african nation. >> he could have easily led our country down the road of retribution and revenge, and we would have been up a creek. >> maya angelou new nelson mandela since 1960. >> nelson mandela represents the best any of us could hope for. the world is better for having known him. >> we begin with bono. >> i have been working for nelson mandela pretty much my whole life. since i was 18, u2 did the first anti-apartheid gig. the anti-apartheid movement was really big in dublin. i, his instruction to be that great generation, he made that incredible speech at trafalgar square where he said, the fight against extreme poverty is not the task of charity. poverty, like apartheid, is not natural. it is man-made. you know, you must be the generation that takes it on. that has been my instruction book. and i slowly got to know him over the years and received his guidance and his wisdom over the years, and even those last moments, even to go meet his maker. he will decide. the man who would stand up an entire day in a courtroom to protest over there being no african blacks in the room. he wanted everyone to see that a man could stand up, not have to sit down. a genius of the high ground. i am not sure if people understand that he had an operation on his tear ducts because when he worked on robben island in the salt mines, the salt burned out his tear ducts. this man, this figure who will be remembered not just in south africa, not just in africa, but china, asia, everywhere, the man who could move so many people to tears himself could not cry. i don't know why that really sticks with me, but, defiance and humor. wicked sense of humor. " what would you want to speak to an old man like me for?" i have been involved in probably, i have been involved with this idea called rock 'n roll. the great intention is to use music people and fashion people to raise money for his charity and children's charities. a great friend, naomi campbell, was organizing it, but it had gone horribly wrong in barcelona. there was an arena that fits 20,000 people and about 4000 people had turned up. they didn't understand. there was some confusion. a lot of people bailed from the project. the great man arrives, all my goodness, there is nobody there for him to make his speech. maybe they will be here by 8:00. we will wait. still, there was hardly anybody there. he has to leave -- wait, wait until it 8:30. 9:00, sure enough there are a few more spaniards. it is not the fault of spain. there was confusion. so we walked out, and there was this huge hangar of a place, empty. he goes, it is a great thing to have high expectations, and i had high expectations of coming to barcelona. we are staring at the ground. he looks at me and goes, you have more than exceeded my expectations, that you should leave your houses, leave your lives and come and see an old man and help him with his work. it is more than i could ever -- and i am looking at this seating of 5000. low expectations. i guess that is the way he saw the world. he was being real. he was being grateful. 10,000 people there, that was 10,000 people he was not expecting. >> it seems to me that if there was not a word for dignity nelson mandela would have defined it. >> you know, his name, his birth name means "troublemaker." they gave it to him because he broke a tree. he was a troublemaker. mischief. i think his partners are the same. there is mischief in his eyes. they are refusing to be saints. a defining moment of all our lives was nelson mandela's long walk to freedom. he taught us in his demeanor and in his poetry how to see our captors. and we all have them. it could be your boss, whatever. whoever it is. i heard a real insight about the long walk to freedom. i don't know if you know this. he was going to nationalize the mines, the diamonds, so the south african people would have those diamonds, they would own them, not these companies. the pragmatist said -- there is a little problem. what is the problem? there is a lot more of them in the ground than we are letting on. what are you saying? diamonds are tightly controlled because we want to keep their value high, and it is a mysterious thing, these companies know how to do it and we probably would not be very good at it. if people discovered it, then we have valueless pieces of glass. >> supply and demand. >> like that he went, ok. i guess that is why i so admire him, admired him, the pragmatic thing. no piety. absence of piety. >> and morgan freeman, who played him in the movie "invictus." >> when he first mentioned you should play him, were you in his presence? >> i was not. i was in south africa at the time. >> when did you first meet him? >> i met him after, right after he had left the presidency. the producer arranged it. he did not make this one. he had the rights. so he was, of course, orchestrating all my meetings with madiba. >> madiba is what mandela is called by his people. >> everyone in south africa calls him that, and everyone who knows him well calls him that. he organized a meeting. i told madiba, i need to see you as often as i can, to get close and hold your hand. he said, of course. over the years i saw him all around the world, and we would sit and talk, or i would just watch him and learn. >> what did you see? >> the basic thing that to me, in order to play a living human being, i think, is what goes on inside. how much energy is needed to be that person? and with mandela it is a very low-energy ebb. he's very quiet. inside, he is quiet. i learned that. he is commanding. he has a most commanding presence without being lordly. he doesn't walk into a room as nelson mandela. he walks into a room as madiba, as nelson. he doesn't take the room. the room gives itself. when he first got into robben island and they issued short pants to everyone except the one indian among them, he rejected his long pants. madiba said, no, put them on. we will all have long pants. he said to himself, they're going to call me mister. how did he do that? he hears the guard's child is sick. he says, how is your baby, is he all right? things like that. he doesn't feel like the big success we all hold him up as. he thinks of himself personally, deep inside, because of his family life. >> south africa became his family. >> yeah. so his obligations to his village, to winnie, his son, that weighs on him today. and it infuses his being with a sadness. >> william ernest henley. >> that poem was his favorite. as he explains, when he lost courage, when he felt like just giving up, to lie down and not get up again, he would recite it and it would give him what he needed to keep going. >> can you recite it? if you can't, here are some words. >> out of the night that covers me, black from pole to pole. i learned it when i was in school. i thank whatever gods there may be for my unconquerable soul. in the fell clutch of circumstance i have not winced or cried aloud. under the bludgeonings of chance, my head is bloody, but unbowed. beyond this place of wrath and tears looms but the shadow of the shade, and yet the menace of the years finds and shall find me unafraid. it matters not how strait the gate, how charged with punishments the scroll, i am the master of my fate, i am the captain of my soul. >> this is a magical moment in the history of this show to hear you do that. thank you. he had it and he memorized it, and it was his anchor when the winds were at their worst. >> he wrote this poem out and gave it, and i think it served the purpose it needed to serve. when the team visited robben island, this poem played in francois's head. i think he knew then, not only did they have to win, but they would. >> kurt campbell, former state department official. you got your phd at oxford and you had an opportunity to know people that knew mandela. tell me about them, and tell me about the man you learned about and then knew. >> first of all, it is great to be on this show. the world mourns. a million years ago, i was a student in oxford and i did my thesis on radical politics in south africa and ended up meeting almost every one of nelson mandela's compatriots who worked with him in the struggle to make a multi-racial south africa in the 1960's, before he was arrested. the interesting thing, even years later you meet these guys, they all live modest lives in angola, the outskirts of london the united states. they talk about their experiences. when the time came to talk about mandela, it was as if their gaze settled on something in the distance. everyone, despite their ideology, talk about him with reverence. they rarely talked about his policies. they talked about his character as a person, and how dominant a physical presence he was. people forget, he loved sports, he loved boxing, he used to practice boxing in his jail cell. he loved to follow the races. fascinated by all global sports. follow them closely. wanted the guards to update him on various sporting events. the cricketer tours that would come from great britain. it was a human touch during periods of unbelievable, stark hopelessness that kept these men alive for decades. it is easy to forget that now that he is a former president, but keeping hope alive when there was no hope is just such a remarkable thing. hopefully something that can animate our world going forward. >> you said he had these huge hands. >> when i first met him -- i spent a lot of time in southern africa. the first thing you realize about him is he was part of a noble family from that part of south africa. when you first see him, he is much taller than the average south african. well over six feet tall. when he first got out of prison, despite the heavy labor and the hard times, he was ramrod straight. when you saw him, it almost took you a back that, if you focused on him, he was unusually fit and his hands were thick. i was with the new australian prime minister, tony abbott, who himself was a former boxer at oxford. he had a look in his hands, he could get up at any minute and hit you with an upper cut. >> you met a lot of leaders. he had what larger than most? >> i have to say, it is interesting. connecting a little bit with asia, one of my responsibilities when i was in the state department was i was the person that interacted with, when she was under house arrest, with aung san suu kyi. what was interesting about her, at one moment she could be extraordinarily vulnerable, he would be drawn to her, but in the next moment she could be tough when it was necessary. i found the exact same thing with president mandela. he was deeply human, extremely compassionate, very empathetic for people. his family, people around him, cared how people felt. very unusual in politics, as we know. at the next moment, when you had to make the tough decision, he would make it. >> i have often found among leaders i have interviewed over the years, if they were a dreamer, if, in fact they were men or women who had a sense of enormous compassion, there was at the heart of them, at the core, a capacity to be as tough and secondly as analytical as anybody you ever met. >> i like that. that is exactly what i saw in him. what was also interesting, you look at other leaders, i was always struck when we used to travel with president clinton, he had the common touch, he knew the people that work the elevators, that drove the cars, they cleaned up the rooms after we left. mandela was exactly the same way. he knew that one audience was the person sitting across the table from him or meeting with the queen or whoever, but he also knew that the people behind the scenes that facilitated the events were just as important, and he could be more open and compassionate and engaged with those people than he often was with the leaders that he met. that is a remarkable quality. frankly, i don't believe in any way that that was an act. that is who he was, down to the core. >> i also found that the leaders i think he represents, obviously for all of us, represents the expression of courage and leadership and all the best qualities that you can imagine in a human being. the capacity to live as he had in prison, and to come out with a certain sense of grace about him, the capacity for reconciliation. also, leaders, it seemed to me, have always had the ability to calculate risk and be willing to have confidence in their own capacity to overcome risk. >> yeah. i agree with that. in a way, when i interacted within the most was right when he came out of prison, getting ready to run. he was aware in a way i have rarely seen political leaders, he knew the tolerances, what the system could manage. he was as effective speaking to his own supporters about what was going to be necessary to accommodate, to live in the new south africa, as he was to international investors or to whites that were worried about the future. one other thing. the other thing that i would say about him is, and again, you see this with other leaders. just beneath the surface there was a little bit, a little touch of loneliness to him. you could kind of sense. surrounded by a lot of people, but the closest of relationships, that handful of people, he was not with them sometimes. he was imprisoned during a difficult period, a lot of hard changes, some alienation. i think that marked him. so the incredible combination of being essentially optimistic, how would we focused, but when the cameras were down and he was sitting alone, having a cup of tea or just reflecting, you could sense there was a little bit of sadness to him. >> sadness and a sense of the burden they had to bear as well. >> that is right. >> at this time, we remember stories. a story you already knew, that says something about how stories happen, that he went to london and to buckingham palace to see the queen and they expected him to stay for 30 minutes and he stayed for more than two hours. later, somebody with him, i guess, when he got a call from the queen and took the call and they talked on the phone, the story goes that when he hung up the phone and said, goodbye, your majesty, his friend turned to him and said, what did the queen say? she said, please call me elizabeth. there are only three people in the world who called her elizabeth. her sister and her husband and nelson mandela. the other story is how he at the time of his inaugural had his jailers sitting there in the audience. you would be familiar with that. >> what was remarkable, and many of the people around him initially were actually uncomfortable and thought this gesture would be misunderstood. but some of the people who imprisoned him, some of the people that on a daily basis kind of subjected him to terrible physical labor for years, were there in the front row. what was astonishing, if you see the exchanges during this period, there was a familiarity and respect that had grown over time between them. in the end, in a sense it was as if mandela was their jailer, even though he was imprisioned. he was the one who looked after them, and they looked to him for grace, which he delivered in a remarkable way. they were comfortable and honored to be there, and he was respectful of them. it was from those early associations. remember, the guys who came to power with mandela, the armed wing of the african national congress was called the spear of the nation, and these guys were warriors. they had been fighting underground against the apartheid regime, so they were in no mood to go to a situation where they are sitting down and breaking bread with the former enemy. think of how hard it is here in the united states. mandela insisted that these people be treated with respect. he kept on members of the previous administration. he insisted the military integrate, but integrate in a way that white military officers remained in power. it was remarkable. to tell you the truth, his aides were initially profoundly uncomfortable and worried he was on the wrong foot as he got started. >> that was the story that came out of "invictus," the movie made with morgan freeman playing nelson mandela. >> the reason that was so wonderful, rugby until that point was considered a white sport in south africa. african south africans did not play rugby very much. those who did were looked on a little bit with contempt. he championed that team. he met with the captain. he inspired him, i think personally. when i think of a scene that has inspired me a movie perhaps more than any other, i really encourage people to look at it. look at the sit-down between the rugby captain and morgan freeman. the subtle dance that they initially engage each other in around leadership, how to motivate a group of people in an impossible set of circumstances. it is the best example of leadership i have ever seen in a movie. i have to say, what is fascinating about him is that there was a period in his life where he did study and think deeply about marxism. there was a period where the resistance movement in southern africa was about the forces of history and deeply animated by support from the outside. the great irony is that in the theology, early theology of the resistance movement, the idea was that the great forces of history, machine and agrarian development, really ruled out the role of the individual. how ironic it is that probably the most influential individual of the last 50 years came out of that system, and it was nelson mandela. >> here is an excerpt from a 1993 conversation with nelson mandela, which we will show in its entirety tomorrow night. >> help us understand what it was like for you, and how does a man maintain his strength, his belief, his integrity on an island or you have been sentenced to life in prison? >> there is nothing as inspiring as to know that the ideas for which you have sacrificed will triumph in the end. one of the things we were constantly aware of throughout, 24 hours a day, was the fact that the ideas of liberation were much alive. that our people inside the country were fighting back. that the international community, your respective of the government in power, liberal or conservative, fully supported our struggle. that was a source of tremendous inspiration. it helps the morale of all of us. and therefore, we were very strengthened inside prison because of the knowledge that our incarceration was not in vain. to play our part as part of a greater effort was possible. this sustained us. and to share these experiences was a tremendous experience. >> haim saban is here, the largest single shareholder of the spanish language network univision. he is a strong supporter of the democratic party and one of its largest individual donors. this weekend, the brookings institution will hold its annual saban forum in washington. the israeli-palestinian peace process, nuclear negotiations with iran, and other subjects will be at the top of the agenda. i am pleased to have haim saban at the table. >> thank you. >> that me talk about israel. it is said that prime minister netanyahu in his fierce opposition to this interim agreement between iran and the united states is not doing a great service to the united states and the effort to find some possibility of going from an interim agreement to a final agreement. >> the prime minister is doing well to keep the issue of iran at the top of the agenda. they could have been other ways to do it. i am not suggesting that he picked the best way, but that is the way he picked. it is semantics. because the fundamentals are the following. president obama made it very clear, iran will not have nuclear weapons. that is his red line. prime minister netanyahu said, iran will not have nuclear weapons capability. that is his red line. but the difference between those two creates a certain gap. is that gap fundamental? no, because the bottom line is the same. they have different red lines, but they have the same bottom line. iran will not be a nuclear weapon country. this is what we have to remember, that israel and the united states are completely aligned on that issue. there might be different path to get to that result, and there might be disagreements along the way between friends, but the bottom line, which is what is really important in life, is completely aligned. >> others come to this table and make the following argument. why now? the reason the iranians are talking is because of the sanctions. why not tie long more sanctions so they will not make an interim agreement that will say, ok, we can't live with the sanctions anymore, what is it you want? and therefore not only stop, freeze, but get them to dismantle the centrifuges? that would be the result if you double up on the sanctions? >> the people who sit across the table from our negotiators are ideologues for the most part. and we are trying to reason with them based on our way of life. it doesn't work. however, with rouhani there, and by the way, we had a ahmadinejad and now a smiling rouhani. i don't know how different they are. this agreement is both a good agreement and a bad agreement. i am not saying it is very good or very bad. it all depends on what happens at the end of the six months or if they extend it by another six months. if, at the end at six months or extension of six months, there is an agreement that guarantees that iran for at least 10 years is -- whatever sanctions you apply, whatever inspectors you send, is limited in time, but iran for at least 10 years will dismantle its nuclear capabilities, it is a great agreement. if there is not such an agreement, it is a very bad agreement. nobody knows. should we try? absolutely. we should absolutely try. and i think the president did the right thing by reaching out and trying to make a deal. and i don't think that additional sanctions -- all those people that talk about additional sanctions are the same people who said sanctions don't work. these are the same people. so make up your mind. do they work, or don't they work? >> what does the prime minister believe? you know the mind of the prime minister. you know him, and you know people who are opponents of his. what do they think will come out of this? are they, in the end, prepared to give it a chance? >> i can't speak for the prime minister. i don't know what he thinks. >> you know people who know what he thinks. >> i spent quality time with the prime minister. i can tell you what he said to me, which is what he also said in public. he didn't go beyond it. i asked him point-blank, do you really have the military capability to take out the iran nuclear facilities? he said, i will tell you what i say all the time -- how i get there is for me to know. and for you to guess. the bottom line is, iran is not going to be nuclear. that is what he says. >> there are many people who believe that they do not have the possibility to do anything other than to delay for six months or a year. that is the possibility, and that is the military potential they have. >> let me tell you something about the idf. in 1948, 500,000 -- we are sitting here with one of the most advanced militaries in the world, after seven wars which they won every single one of them. i don't know what they have or don't have. i know that the israeli people and jewish people around the world can rely on the idf. >> there are now israeli- palestinian negotiations taking place. i know what the issues are. you have to do with territory, the right of return, jerusalem, borders, and in some case with the jordan river. but the essential question is security, and you just laid out the most important thing in israel's security. what the israeli defense force has become. when will israel feel secure enough so that it can make a kind of agreement so that it would ensure a two-state solution? many are arguing now that that idea is slipping away. because of the demographics, and other factors. >> it is a very, dated issue. when you ask me when will israel feel secure, a statement by golda mehr comes to mind when she said, we will forgive you for killing our children. we will never forgive you for forcing us to kill yours. what i'm trying to say, israel is reaching out for peace. not because there is a big love between the arabs and the jews, but because it is in israel's interest. even hawks like prime minister netanyahu understand that. against many in his own party he said, two states for two people. now, the devil is in the details, but in the name of the government of israel benjamin netanyahu made that statement. >> the present secretary of state, the present president, the former president bill clinton, former secretary of state hillary clinton, and most americans in the leadership, most believe that settlements, increasing settlements are not in the interest of finding an agreement between israelis and palestinians. where do you come down on that, and where do you come down on sharing jerusalem as a capital? >> you are asking my personal opinion? >> your personal opinion. >> my right-wing hawkish friends are going to be very mad. i am going to tell you that jerusalem is already divided. jews don't go to the arab sections or very rarely go. when they go, they get stones thrown at them. so i believe that the clinton parameters are the right parameters. 1967 borders, territory swaps. >> the same equivalency. >> exactly. 1967 borders with territory swaps, dividing jerusalem and finding some arrangement so that jews can go to the holiest place in the jewish religion. jews are not allowed to go to the temple mount because the mosque is there. that is outrageous. places of worship should be open to everybody who wants to worship. but israel does not allow jews to go out of respect for the muslims. tell me another country that behaves like that. >> your argument is more with the government of israel than with the palestinians? >> not true. >> it is true. you are prepared if palestinians would accept the deal president clinton offers. the government of israel would not accept the offer president clinton offered. when he offered it, yasir arafat turned it down. some say that later he regretted that. >> you know who told him not to accept it? even though he changed his mind since? the head of the palestinians told arafat not to accept it. >> you are arguing for a deal -- >> do you know that for a fact? >> we can find out by asking, would they accept the 67 deal offered by president clinton at camp david? why don't we do that? >> for the israelis, we will do that at the forum with pleasure. for the israelis, for the majority of israelis, of course there are right-wing hawks that don't agree -- >> when you say right-wing hawks, do you mean prime minister netanyahu? >> no. >> how would you characterize him? >> i think he was a right-wing hawk. look, i saw a tape of benjamin netanyahu may be 25, 30 years old. he says, there is no need for a palestinian state. jordan is a palestinian state. he has come a long way. give him some credit. he has come a long way. so for the israelis, the majority of israelis, it is all about three things. security, security, and security. >> exactly. if you look at the israeli prime minister rabin, he went to oslo, signed an agreement, shook hands with yasser arafat. because he believed israel was strong enough to take care of itself. he began to believe it was in israel's interest to have an agreement with the palestinians, as hard as a was for him to accept that and shake hands. >> very hard for him. >> when they were standing in front of the white house, he turned to shimon peres, and said, you go shake his hand. >> but he believed in the strength of the israeli defense force. everybody understands the security interest is understandable and significant. in the middle east, you are in the middle of a number of countries that are hostile or a number of organized groups like hezbollah and hamas, and iran. >> two factors have changed since 1995. number one, rockets. they didn't use rockets in those days. and if i address that for a second, the number one threat in the event of a pullout is over the ridge where they ca shoot rockets at the airport. all they need to do issued two rockets a day into the airport. israel comes to a screeching halt, and the second thing that has changed is terrorism now has a different phase than it did then. then, it was stones. now they blow up school buses. that is what they do. these two facts, if they exist in 1995, believe me, rabin's position would have been -- rabin is the one who said not to give back the jordan valley. >> i am not sure netanyahu wants to give back the jordan valley either. he said, you don't give back the jordan valley. >> these conversations, like you and i are having, have been had in the middle east and in washington and in other capitals. the question is, do you believe the israelis have confidence in president obama? >> very good question. can we separate the people from the various factions of the government? i think that when the moment of truth comes, president obama has the ability to build confidence within israel. >> when you say that, that suggests it is not there now. >> 77% of israelis at the moment based on the latest polls think that this nuclear deal that was done with iran was a terrible deal and does not include -- >> that is one thing. therefore, do they believe that they can't depend on the united states? >> no leader in his right mind would ever outsource the security and the existential fact to another country, no matter how close. >> thank you for coming. >> thank you for having me. >> thank you for joining us. see you next time. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid advertisement from star vista entertainment and time life. >> here's johnny. >> from the moment he stepped on stage to the day he said goodbye the king of late night was johnny carson.
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reign. god bless africa. i thank you. >> nelson mandela, the former president of south africa, dive -- died today. diba was a manan for all seasons. iner his release from prison 1990, he was awarded the nobel andst -- nobel peace prize served as president for five years. the power of mandela could not be captured in a snapshot. it was also the man himself. he was a quiet man in many ways, but with great power to influence. a father of six who is also a father of a nation. he was born in 1918 in a small village of the eastern cape of south africa. his work against apartheid policies grew in the coming years. in 1963, he was put on trial for plotting to overthrow the government with pilots. he said at the trial, i have cherished the ideal of a democratic and free society in which all persons live together in harmony and with equal opportunities. it is an ideal which i hope to live for and to achieve. but if i need be, it is an ideal for which i am prepared to die. after he stepped down as president, he worked tirelessly to promote his agenda of the quality -- equality. to engage in qu
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mohamed el-erian and labor secretary tom perez. how does a retail giant stay one step ahead? we go inside ebay. tourism in mexico is booming, but so is the drug violence. how the country is tackling its pr nightmare. >> from bloomberg world headquarters in new york, this is "in the loop" with betty liu. >> good morning. 6.is friday, december we are live from bloomberg world headquarters. you are "in the loop." i am betty liu. we have the top stories covered. the november jobs report is 30 minutes away. we have all angles covered. is looking at how investors are positioning themselves ahead of the report. ende hyman has lands' spearing up -- spinning off from sears. megan hughes is in the capital where politicians are one week away from a budget deadline. even lawmakers are skeptical any deal could be reached. are you as skeptical? it's good to alix steel for insight -- let's get to alix steel for insight on how the markets will trade. >> over the last two years, on average, the s&p was pretty much flat, averaging a gain of almost .2%. when the jobs number was stronger than estimated, it was up .7%. when it was weaker, it was down .4%. that is what you can expect with the s&p. usually, action is priced in at the open. performings wind up well on a positive surprise day? this is a day where you want to bet on the financials, which typically has a rally of 1.2%. next up is consumer discretionary, also pretty strong, up one percent. 1%., industrials up you have a risk-on trade when the number is better. on a disappointing day, what you need to run away from? .6%. text, typically down following, down with four following -- down .4%. following, if the number comes in ahead of expectations, it could mean a fed taper earlier rather than later. thank you, alix steel. michael mckee, who is skeptical about these numbers, says this time the numbers do matter. crisis is the most important jobs report since said -- >> this is the most important jobs report since september. people think the fed could come into play. there is a meeting they could be influenced. the official forecast is for 185,000 new jobs created by the economy, 180,000 of them private, but the whisper number on the street is stronger -- over 200,000. the number, we had a big surprise -- remember, we had a big surprise last month and everyone expected a disaster. the adp payrolls number came in over 200,000, and that surprised people. factor in revisions, and we could see 50,000 or 60,000 additional jobs added. bettingld have people on the fed starting to buy what buys in bonds.-- cars. rates on homes and the fed surprises by not tapering after the weak job report in september. talked back oner the table. >> doesn't the fed have a target for the unemployment rate? >> yes, and no. ring does notape -- tightening. then implement number does not mean as much because it was distorted by the government shutdown. it will come down, but it will not be a factor for the fed air it said officials have told me -- that. -- said. fed officials have told me it will not be dependent. fourth-quarter gdp is tracking much lower, around 1%. they want evidence we will not see a fallback in job creation. we do not have a lot of data before that meeting to prove it. but i want consistency -- >> they want consistency. q i, michael mckee, our onomics editor -- thank you, michael mckee, our economics editor. and shaking, eddie lampert, it's been enough lands' chain.m the casual sears bought the company in 2002. eddie lampert has been selling off assets to raise cash. one analyst estimated sears million -- $2.5 billion. for more on the spinoff, i want to bring in julie hyman. lands' end has been well, so how much will this help? >> you mentioned the $2.5 billion. this could boost liquidity at sears. 670 $1ugust 3, they had million in cash, so this would boost the cash position. in terms of how it is structured, it will be spun off to shareholders. if you are a sears shareholder, you will get a lands' end share. remember, eddie lampert recently sold shares to meet the gumption in a -- redemption in his fund. he and his affiliates will own about 48% of this lands' end spinoff, which is expected to trade on the nasdaq under the symbol le. this could bolster the cash position. other analysts have estimated that the auto care business would be valued at about $660 million, further boosting liquidity. why does it need this liquidity? for 20 seven quarters straight, -- 27 quarters straight, the company has seen declining sales at sears and kmart chain. enhancing a long streak of sale -- sales decline. any lamperte said is known as being a savvy investor, and yet he has not been able to turn around the sales numbers. selling off the other assets is well and good, but a turnaround at the core business is also necessary. some investors have also complained that if you spin this stuff off, you are left with not very much of a quality investment. that is one of the concerns. >> that is true, what are you left with then? thank you, julie hyman. i want to turn to the big news, nelson mandela, south africa's first black president, who passed away yesterday. crowds have been gathering paying respect. the government says they will have 10 days of warning, and his funeral will be held on december 15. national leaders are morning. he collaborated a long working relationship with administrations on both sides of the aisle. obama,sident barack mandela was a strong political and personal influence. he paid tribute last night. i am joined by the former ambassador to south africa under president george bush who worked with mandela. also with us is bloomberg political analyst matthew dowd. rick to have you with us. ambassador, -- >> -- great to have you with us. ambassador, let me start with you. tell us about what your meetings were like with him. >> the thing that really struck me was his level of graciousness and humility. he was not a big man, but he was larger than life in my eyes, and he struck me as a gentle soul. he offered me a tremendous level of encouragement, and he was very positive in terms of the interactions between me and him, and also felt that we had the opportunity to continue to strengthen the relationship between both south africa and the united states. >> matthew dowd, i want to play one part of the president's tribute to nelson mandela, where he was really emotional talking about his influence on him. >> we have lost one of the most influential, courageous, and profoundly good human beings that any of us will spend time with on this earth. he no longer belongs to us. he belongs to the ages. >> some would say that mandela represents an era of political leadership that we do not have any more. >> the great thing about nelson mandela is maybe even in his death he could highlight the political issues that we face here. he was not a saint, and he fought against this deification of himself when he came out of prison. he could have come out of prison in revenge, but he sought forgiveness. that is what his life was. >> absolutely. ambassador, there were some nelson mandelan and president george w. bush at the time. i know they joined forces in fighting aids, but he was vehemently opposed against the war in iraq. >> that was true, but the issue was to move the country forward, addressing hiv and aids, and that was the president's signature health program for south africa and for the continent. things we could agree on to serve the needs of a significant number of people, not only in south africa, but around the world. >> what you think we can take as lessons? >> there are a couple. first, it is amazing, the power of an individual that can change the nature of entire country. he demonstrated one person can really make a change in a country. two, the majority of his account judgments happened after he was 72 years old when he got out of prison. or 55y say when i am 65 and retired, i am done, but it is a lesson that the best part of our years are to come. >> good for us, or good for me. >> and, again, the power of humility. certainly, his legacy is enormous in what he did to fight apartheid in south africa, and his efforts to bring racial division -- bringing the races together, however, there is still racial division in south africa. there is still lots of violence and crime in the country, and some would say the influence he had beyond south africa was limited. are you disappointed, in some ways, that the impact was not bigger? >> i do not think so. i think he was something the country needed at that time. apartheid, theof leadership, the moral courage that he demonstrated that diageo point in time, and especially -- that he demonstrated at that especiallyme, and serving one term and then stepping down. that is very unique to many african leaders. he demonstrated a high level of leadership in terms of taking that step in moving that country forward, the issues of reconciliation, and also being a beacon of hope. >> how important -- go ahead. >> i was going to say, one of the assets and liabilities of the dominant player like nelson mandela, he can change the church rectory of -- and trajectory of a country, but once he is gone, you are left with smaller people and petty politics. you will not have another leader like nelson mandela, and it is up to south africa to figure out how to figure -- deal now without that person feeling the landscape. >> he clearly was a moral compass. for civil rights leaders here, how important was his passing? >> as president obama said, he was a leader for the world, and around the races world about apartheid and many things. he will be in the annals of martin luther king, gandhi, nelson mandela. >> and he was an inspiration to people all over the world in terms of what he stood for, and that is so important, and something that any of us should never forget -- that none of us should forget. >> on that note, an appropriate note, thank you, matthew dowd, and also eric bost. we will discuss nelson mandela's legacy with someone who knows it quite well. ceo mohamed el-erian will weigh in, as well as on the jo report that will be out in 15 minutes. stay "in the loop." we are just getting started on this friday. >> "in the loop" with betty liu will be right back. ♪ >> as we await the crucial employment report for the month of november, the last jobs to poorly with good this year, we're starting to see the -- jobs report we will get this up a whoppingre 28% this year, making bonds a tough sell. i want to bring in jeff rosenberg from blackrock who says this market proves how addicted investors are to bed -- fed easing measures. you will be frustrated what is going on with what the fed is doing. you call this paranormal activity. what do you mean by that? >> we have seen this for a while. what paranormal means is nothing in the relationship between the real economy and the stock market is normal. good news in the economy is bad news for the stock market. overis because fears better news in the economy, what that means for withdrawal of monetary policy accommodation -- stock markets, financial markets globally are addicted to accommodation, so there is a complete disconnect between what happens in the financial market, what happens in the real economy, and that is the paranormal market activity that i am talking about. >> you wrote in this report "nightmares are guaranteed. you cannot ignore the impact on your psyche." what, jeff, are your nightmares? >> that was a quote form the "paranormal" movies. it was from the movie poster that i was making an allusion to, paranormal activity should be disconcerting. this is not normal, not necessarily healthy financial , because theor transition we are trying to accomplish is very difficult to for the baton for support valuations from monetary support to real economic activity. that is the hope, you can create the transition. >> you hope that, that i get back to the question, what is your nightmare scenario? >> the nightmare scenario, the bad scenario, is that the transition between monetary policy support and real economy support does not happen smoothly and he just does not happen with valuations detailing to go up. market valuations have gotten so far ahead of real economy fundamentals that when you fear the withdrawal of policy accommodation, valuations fall. that is really the risk. >> and you think it will get even worse under janet yellen when she takes over the fed? >> no, actually, i think it is the opposite. what janet yellen represents and what they are going to try to communicate is even as they begin the process of trying to pull back from quantitative easing, they will augment that withdrawal of accommodation by accommodations for expectations of lower for longer, longer than zero interest rates, trying to convince the markets they will be accommodated, even as they are pulling away from quantitative easing. the tricky part of that is they are moving more towards communication of policy than action, and it seems the markets are having a hard time appreciating what that really means. >> it is a hard time for anyone in fixed income, so how are you trying to get your returns? but the trick here in fixed income is we really have to think differently -- >> the trick here in fixed income is the really have to think differently. if we are in rising interest rates, which means falling bond prices, to manage an interest rate -- fixed interest portfolio, you need flexibility. we want to be able to buy bonds and be a long-only investor, but also sell bonds. it is good to be long and short to manage fixed income in today's environment. >> thank you, jeffrey rosenberg from blackrock. we are about seven minutes away from the november jobs numbers. ♪ >> first. bloomberg. >> you are watching "in the loop ," live on bloomberg television and streaming on your phone, tablet, and on bloomberg.com. good morning. i am betty liu. it is 26 minutes past the hour, which means bloomberg television is on the markets. we are awaiting a jobs report. we are expecting 180,000 jobs created in the jobless rate coming down to 7.2%, not a big difference from october. we are on the market again in 30 minutes. the top headlines -- mourners are gathering outside of the home of nelson mandela, who died 95. night at the age of he led the emancipation of south africa and went on to serve as the first black president of the country. we will have 10 days of mourning before the funeral is held on december 15. the time warner cable incoming ceo says he's willing to sell the company at the right price. the current chief operating officer will take the reins amid speculation they will be acquired, and he says he is the perfect guy to manage the mergers and acquisitions component. deutsche bank is cutting 200, oddity jobs. europe's biggest nash, oddity jobs. jobs.modity they have dropped to the lowest level since 2009 is regulations have doubled. we are moments away from the jobs report. we have full coverage. dianne swamp is with its. wonk is with us. as we are awaiting these numbers, i know your expectations are a little lower than what most economists surveyed are expecting. why is that? >> it does not feel like a 200,000 jobs a month economy. i have 160,000 jobs. that is like. of ther, last month, 40% jobs gains were low-wage in leisure and hospitality. those are minimum wage. that is the composition we need to get itself feeding momentum in the u.s. economy. , looking ahead to 2014, some are saying we are likely to get a minimum wage increase, at least that seems to be the momentum right now. do you expect that to have a big impact on the jobs market? >> one of the issues on minimum wage, during the great depression we saw a lot of unionization. when people are living below the poverty level on minimum wage, they will be upset about it. the unions have linked onto this and are trying to lever that point, but hard point is when you raise the price of labor in low-margin businesses like fast food, you will lose a number of workers as well. it is a tough issue. raising the minimum wage sounds great to people that want to increase living standards, but you could also be cutting a lot of people out of the job market. >> it is a controversial issue right now in washington. let me bring in michael mckee who is standing by with a whisper number right now on the jobs data. is potentially a volatile day because the whisper number is 200,000, or maybe a little over that. the consensus is 180 5000. if it is much higher or much lower, we could see market whips. >> we might see that in a few seconds. 180 5000 jobs expected. 7.2% for the jobless rate. it or cook. next -- it or cook eric >> on -- peter cook. >> unemployment drops to 7.1%. there is some noise. nonfarmingd on the payroll, better than our survey number of 185,000. modest revisions combined september and october changes. we're looking at job gains three out of the last four months better than 200,000 jobs, very stable, very consistent. toemployment rate drops seven percent, the lowest unemployment rate we have seen since november of 2008, when it was six .8%. the participation rate is up. again, what happened here in terms of the drop, we saw a gain in employed in the household survey of 118 thousand, the biggest number we have seen since may, 1984. the unemployed number falling by three under 65,000, including 377,000 of those temporary, laid-off government employees. they are again, once again on the job. they were included in the 118,000. so, again, some noise, but it is clean. they were counted both times, october and november. the long-term unemployed is unchanged. a big improvement in the household survey. big hiring numbers for transportation and warehousing. manufacturing up 27,000, the best month since march, 2012. healthcare up 28,000. one area of weakness, financial activity is down 3000. up average weekly hours are 34.5. the bottom line, moore improvement, more traction in the labor market. the unemployed rate will get the attention of the federal reserve talk.art paper -- taper >> it is getting the attention of the markets. alix steel, do we see a rally? >> a little bit of a rally. it looks like investors are taking good news as good news. typically, you might think of good jobs number, perhaps the fed will taper, and that will be negative. we are not seeing that in the equity market. the treasury yields rising above 2.9% for the 10-year. on currencies, it is all about the stronger dollar. if the economy is getting that dollar will appreciate as you see a rising against the euro, against the ed, and against the pound. and againsthe yen the pound. in michaelo bring mckee. is there a reason to be excited? >> a couple of reasons. the whole report is good in terms of direction. some of the numbers are not up to where they were prior to the government shutdown, like the participation rate, but we are going in the right direction. you want to look at the revisions. this is not as good as some might have thought. only 8000 additional jobs were found in the last two months, and october could re-revised again next month, but when you are starting from a higher base, it is good news. so far, we are tracking to have the best year of job creation since 2005. it is hard to believe. it has been a pretty good year. then, look at the labor force in the labor force rises, but the on employment rate goes down. the number of people hired in the household survey is extremely strong -- it hundred 18,000. you have to wonder if that can continue. earnings went down, but not enough, and on an annual basis actually down from 2.22 2%. 2.2% to 2%. , have weane swonk missed out -- we want to qualify all of this, but have we missed out a little bit on the recovery here in the jobs market, that perhaps it is better than we are giving it credit for? >> this number compositionally is in the right direction, and that is important to the federal reserve. we are seeing jobs in the manufacturing sector. we saw jobs in construction as well. remember, with the preconditions for the fed were fiscalring were, one, uncertainty, and it looks we will get a 20-month deal on avoiding the sequestration. that takes that off of the table, and we are back to the numbers of 200,000 a month, that they wanted to see to justify tapering. we are easily 50/50 on tapering in december, and maybe a higher percentage than that. it is not the only number out there, but it is a big number, and i think it is important. >> does that mean we will see a six percent -- 6% unemployment rate in 2014? >> we certainly could, but even if we do, the fed will not take stimulus away anytime soon. the fed, one of the messages they will have, as they give it pivot away, we could 2015,zero term well into and that is something they will communicate as they move away from buying asset purchases. it will have a large balance sheet and they are concerned about the housing market. the construction jobs -- they were building, but the private sector was not. the biggest drag has been state and local government, and now they are coming back. that is a plus, but we want to see returns in the private sector, and that is yet to be seen. us about thel government shutdown and the impact it might have had on the numbers. >> if the government shutdown had not happened, it appears right now we would still be at 7% unemployment. what is significant is the velocity of the drop in the unemployment rate from 7.3% in one single month to 7%. the reason for that was furloughed workers returning to jobs, counted in the household survey. that is why we moved so quickly. the bottom line for ben bernanke and those at the fed is we would have been at 7% anyway. it suggests there was other hiring, not just government workers. >> everybody wants to know what the fed is going to do, and fed officials have said they not only want to see an improvement in the labor market, but they want to know that it is going to continue, that there is strength in the economy behind it, so, my question, diane swonk, is there enough strength for them to you and consider it at this point? >> there is not a lot of strength, and you also pointed out 1% on the fourth quarter, that is a problem. worries about the housing market are very high on the list of concerns. there is a sense that the efficacy of these asset purchases is not there, and they will be more effective by extending the time that they -eep the zero rate into late 2015, into early-2016. they are concerned about the self-feeding momentum in the private sector, there is also a real desire to get away from these asset purchases. we have a deficit that is following -- falling like a rock, and mortgage origination. the fed is not only a 500 pound gorilla in those markets, they are now the only gorilla in the jungle buying in those markets, and that is something they are concerned about as well. >> diane swonk, thank you for joining us. also, michael mckee, peter cook, and alix steel. we will be focused on this big drop we have seen in the jobless rate down to 7%. we will also get reactions to the jobs report from the ceo of pimco, mohamed el-erian, and the obama administration's reaction from labor secretary tom perez. ♪ >> well it seems like the whisper numbers were right. we got a huge surprise on the upside for jobs. to jobless rate went down 7%. i want to bring in someone who lives for jobs days. he loves these days because the data tells the story. tom keene is with us. you talk to bill gross. >> i want to make clear, this is a sport. just before the report i put out my last guess, and that was 200- 5000. >> who is bragging now? >> it is not my point, it is drew matus at ubs nailing the unemployment rate at 7.0%. i spoke with bill gross, and this is yields going up, which is not good for his total portfolio. he reaffirmed the new normal and he feels janet yellen will work within a subdued gdp, and with that, he said a 50/50 chance of tapering in december, which is why you see gold moving down and yields moving up, bond prices down, and equities have, as well. , give theook political implications of this report, particularly as congress tries to get a budget deal .ogether >> i think there will be an impact on budget negotiations in the sense that if people think we get a deal, steady progress with only be helped if they create certainty in washington with a spending deal that lasts two years. that has been one of the calling cards from both sides during the course of the negotiations. let's lift the cloud of uncertainty, even modestly. this will add to that effort, and it makes you think, if we had not had the government shutdown, all of the noise in october, with the number be even better? >> that is an important idea, how the government got in the way and the sequester. matthew dowd is adamant that government will not have a dampening effect next year that we saw in 2013. >> because? >> a different time, a different moment. bill gross says the backup in the yield is different than what we saw in june and july. there is a nuance of optimism moving forward versus the gloom we saw. >> we need that. it has been a beleaguered 2013. >> it has been. >> one of my questions, and i take,love to get tom's you will hear democrats concerned about interest rates moving up to quickly. that will be the new political discussion. expert dampening their of the housing market is very tangible -- >> the dampening their of the housing market is very tangible, and michelle meyer said a double digit 2013 will not repeat itself this year. yields are up, housing is dampened, but not to any form of crisis, but peter is right, that is always political in washington are at >> tom keene, thank you. also, peter cook, peer and we'll will be back in two minutes on "in the loop." ♪ >> well, it is a talent two mexicos. a tale of two one is about tourism. hyatt hotels is opening to resorts, and starwood plans to up its luxury portfolio there by 50%, but on the flip side there is the mexico played by drug violence and crime. there are 24 murders for every 100,000 people in mexico. compare that to just 4.7 in the united states. that has toryism advocates in mexico fighting -- toryism advocates in mexico fighting to get the truth out, including the ceo of yucatÁn holidays. erica, thank you for joining us. do you feel there is a disproportionate amount of attention paid to drug violence in mexico, and is that hurting your business? >> yes. i feel that happened in the past because the previous federal government and the president had an agenda that had to do with reelected, party talking about crime every day. that got the media attention. however, the truth is that right now there is no particular warning from the u.s. government toward any areas of mexico, and the only warning that they have is near the border. is theree impression is a travel warning issued by the state department, generally speaking in mexico, but you are saying that is not true, obviously? >> correct. there is no current warning. in the past, it did affect us, but it was more about perception. the new campaign has helped a lot in terms of protection because we see all of the positive things happening in --ico, which is job creation for instance, you were talking earlier about jobs. 6 million jobs in the united states depend on toryism in the trade with mexico. so, what -- toryism and the trade with mexico, and we are very happy about that. think, of the problem, i is there are so many different numbers that are out about what is actually going on with violet and in mexico -- violence in mexico. you hear the anecdotal news stories that are horrific to hear, but even the latest numbers are only from 2011. why are there not more current numbers, crime statistics, to use concerns that crime is on the rise? rockstar is actually no crime on the rise. i am not an expert on crime, but i do propose -- promote cancun all over the world, and i can tell you mexico is safe for toursim. mexico city is one of the top 12 safest in the world. we are currently helping sÃo paulo, brazil, with the world all because we have cameras over. we are helping sÃo paulo, and here, they are, having this big sport event, and they were not very many. cancun has been saved for the last 45 years. -- safe for the last 45 years. isolated one-to- four issues, and it is not related to tourism. , we have tocia leave it there. thank you. the ceo of yucatÁn holidays. we'll be back in two minutes on "in the loop." ♪ past the56 minutes hour, which means bloomberg television is on the market. equity futures went higher after the jobs report came in better than expected, over 200,000 jobs created, and the jobless rate coming down to 7%. that was a surprise. equity futures are building on that rally. we'll talk about jobs with the ceo of ensco who will weigh in on everything from the jobs report -- and co. who will weigh in on everything from the jobs report to the golf of enough -- death of nelson mandela. >> 30 minutes to the opening bell, this is "in the loop" with betty liu. the countdown begins right now. >> welcome back. here's what we are working on this morning. a surprise in the jobs report. payroll grew by more than expected. the unemployment rate fell to a five-year low. towill talk to the pimco ceo get his take. president barack obama calls nelson mandela an example all aspire to.ould the president will likely attend mandela's funeral. japan's prime minister tells bloomberg he would like -- we have an exclusive interview later this hour. -- rate fell.te i want to bring in the chief washington correspondent peter cook and mike. you have been giving -- digging into the household survey and what that tells us about the market. >> yes. ist is really important here not only the level of the unemployment rate but the number of jobs created 818,000. the tin hat folks will love that. is a lot of job creation in the household survey. it is good news. for a look at the numbers the overall jobless rate come out to three digits. this month came in at 7.023%. below a six handle. the fed has been talking for 6.5% threshold. it will start a lot of hope among people out there that the job market is getting better. december they fall to a six percent number. >> building on that and what the will it be, how much on ben bernanke do something in december versus letting janet yellen have to start off her term on that part of move. >> ben bernanke said it all depends on the economic data. make it ave to consequential decision, beginning to start to taper the bond buying. is still chairman of the federal reserve, or is janet yellen comfortable with that being her responsibility when .he first takes over in march most likely to happen the -- before these job numbers. does he feel a personal responsibility to get this moving in a different direction on his watch, just to make life a little easier for janet yellen? who knows the answer. they will insist publicly it is economic data that will drive this. you have to wonder if the personalities and pressure there has some after -- factor to bear. >> let's stay in washington. the jobs report will likely have an impact on this issue. u.s. negotiators work through on a limited budget deal. megan, are they close to any deal at all? >> negotiators do seem to be getting close. we know a house budget chairman, paul ryan budget leader, expected to be added this weekend. if they can get to a deal, that would avoid another government shutdown january 15. it would likely be a small and -- smaller deal. it could be a small as $35 billion. it would head off another round of automatic such cuts known as the sequester. we have artie got some groups fighting this and that includes airlines and federal employees. it includes raising the fees by airline passengers. it also changes federal thatement programs contribute more. congressional leaders yesterday stressed a timeline. a self-imposed headline next week. cave -- gave us an update on where they were. i am hopeful they will be able to work this out. there is clearly no agreement. on ame is running out budget agreement. we understand negotiations are continuing, but we also understand there is no final deal. >> house speaker jon banner -- t present plan to keep >> thank you. megan hughes in washington. moving and shaking this hour, warren buffett, a new study says he is not just a great investor, but is the best. the study was published by the national bureau of economic research. if it has done better than every u.s. stock and mutual fund that is been around for more than 30 years. the study says there are several -- he picks stocks that are low volatility and cheap and high-quality. lessons for all of us in investing. we will talk to the invest co- ceo about everything from today's job report to the death of nelson mandela and how he to today's world leaders. we will take you inside ebay for a look at how the company went to online office right to a global e-commerce giant. stay in the loop area -- loop. ♪ >> all day today, bloomberg television has your look inside ebay. we look at how ebay has evolved into a tech giant. surviving and thriving after the.com bust. secrets to surviving is the expansion behind its original online marketplace, including selling tickets from broadway to the super bowl to hub. cory johnson shows us just how -- -- ebay stub hub. >> we are not just about selling tickets. it is about creating the whole fan experience and innovation is used across the business. >> s
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nelson mandela and north korea. the november jobs report. margaret carlson and ramesh debate obamacare's revival. we began the program with the former secretary of state, dr. madeleine albright. madame secretary. >> good to be with you. noble a tribute to the statesmen, nelson mandela. you say you treasure the memory of your meetings with him. what is the most memorable? what's the most memorable was his modesty. he walked up to me and said, hello, i am nelson mandela, like you would not know. when he spoke at the general , he walked upon slowly to that podium and he would take out his glasses and he would clean them and then he would put them on, then he would speak with a great cadence. . also visited him as a human being, he was stunning. the more you knew the history of a man that had spent so much time in prison. for me, a most important thing forgiveness. his >> no bitterness. >> no bitterness. >> you said his words and works will survive. when you look around the world today whether it is asia, the middle east, or africa, there is the anti-mandela forces that are dominant. why is
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Dec 10, 2013 6:00am EST
presidents travel to johannesburg to pay respect to the memory of nelson mandela. late,r fedex package is you deserve a refund? this is "bloomberg surveillance ." i'm tom keene. joining me is scarlet fu and alix steel. let's get right to the morning breeze as the ceremonies continue in south africa. >> in china, industrial output rose less than estimated in november while retail sales unexpectedly accelerated. it paints a mixed picture of growth as leaders gather in beijing to set economic policies for the coming year. you're in the u.s., 7:30 a.m., nisb small business optimism and then wholesale inventories and we have earnings for going out. 7:00 a.m., toll brothers. after the bell, smith & wesson earnings. we are waiting for president of >> -- president obama to speak in johannesburg where he joins 90 other heads of state. >> ban ki-moon speaking right now, secretary-general of the united nations. presidentsf four travel. not george bush, senior, but other living presidents with president obama. i thought the "new york times" article on travel, 16 hours on air force one, hav
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Dec 6, 2013 12:00pm EST
. . . money." go to "lunch i am adam johnson. nelson mandela is a name recognized all over the world and will likely written in the history books for generations. a freedom fighter who emerged to revolutionize a country in south africa. as you know, he died last night. he was 95 years old. >> a free man taking his first steps. from prisoner to president, nelson mandela's 1990 release from jail signaled the end of south africa's racist policy and he would go on to become the country's first truly democratically elected leader. >> the faithful for the republic of south africa. to ae in a small village local chief, mandela was one of 13 children and a first member of his family to attend school. in the 1940's, he began opposing the white minority's i'll see of apartheid, laws that segregated and made colored south africans second -- second-class citizens. at first, mandela was inspired by gandhi's approach of nonviolent resistance. as white south africa became more aggressive, so did he. as the head of the armed wing of the national international he was arrested and tried in 1962.
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Dec 10, 2013 4:00am EST
pictures coming from south africa, a memorial to honor nelson mandela beginning. these are live pictures coming from the event at the football stadium. tens of thousands of south africans are there to pay tribute to the first black president of the country. obama and -- barack many other world leaders are in attendance. let's talk about what we are seeing as the event is unfolding. lenny joins us with more. stunning pictures coming. clearly, a huge amount focus on this event. what is the story that is going to be told? >> people are still arriving. hundreds of thousands, millions will be watching what goes on today. these are live pictures from the stadium. it is raining, but south africans are singing. they are so part of this moment, knowing they will reflect back on a leader that change this country's face. be addressingill the crowd. other people will also be addressing. we also have the president of was notd xi jinpeng able to attend, which was interesting. of state will be addressing the crowd from that country. india and cuba as well. president, the man who succeeded nelson mandel
Bloomberg
Dec 6, 2013 7:00pm EST
funeral arrangements for nelson mandela. stay with us. ♪ welcome back to the second half-hour of bottom line on bloomberg television. i'm mark crumpton thank you staying with us. let's check where the markets finished the session. you're with us at the bottom of decemberon this friday 6, 2013. good news for the stock market today. tocks rose sharply. and job gains were reported. that is an encouraging sign for the economy. and the unemployment rate dropped to the lowest in five years. the s&p 500 was up at 1805. the dow jones industrial average, rising to 16,020. the nasdaq composite index right rising at 4062. let's check some of the top stories for the hour. honorhedule of events to nelson mandela has been released. the south african president has declared it a day of her question. they'll be followed tuesday by memorial service. nelson mandela died yesterday at the age of 85 years old. he will lie in government buildings until his burial. president obama will be among the dignitaries attending the funeral. willding champion, spain, play a world cup game against the netherlands. it is
Bloomberg
Dec 10, 2013 12:00pm EST
nelson mandela as the world says goodbye on a high note. in the wild card, 12 days of it going -- 12 days of bitcoin. someone new in the driver seat at general motors. is succeeding dan ackerson. she started as a plant engineer on the factory floor when she was just 18, and the rest of her resume stands on its own. she was head of manufacturing, but religious given the second half, head of product of element in 2011. her real calling card is cutting management layers, cutting red tape costs, and trying to taper what gm does while still building cool cars to make money. >> barra's appointment would make her the first female ceo for an auto company on the entire planet. she was asked what it was like to be a woman in a traditionally male-dominated business. >> i worked at general motors for 33 years with wonderful people. i always have been evaluated on what i contributed and what results i was able to obtain into your organization, but we come together as a team. putting a car or truck on the road is a team sport. i just view myself as part of a team. if by being a woman i can encoura
Bloomberg
Dec 5, 2013 3:00pm EST
president of south africa has just announced that nelson mandela has died. let's listen information >> our nation has lost its greatest son. yet, what made nelson mandela made was precisely what him human. what we seek in ourselves. and in him we saw so murphy of ourselves -- so much of ourselves. nelson outh africans, mandela brought us together, we will together that bid him farewell. r beloved mativa will be accorded a state funeral. i have ordered that all flags of the republic of south africa from red to half mast , and to 6 december remain at half mast until after the funeral. we pay our last respects, and let us conduct ourselves with he dignity and respect that personified. let us be mindful of his wishes nd of the wishes of his family . erever we are in the country and wherever we are in the values et us recall the for which he fought. let us reaffirm his vision his is iety in which none xploited, oppressed or dispossessed by another. let us commit ourselves to sparing ether, neither strength nor courage to ild a unitted, non-racial, non-sexist, democratic and prosperous so
Bloomberg
Dec 9, 2013 7:00pm EST
including the preparations for the memorial service for nelson mandela. in ukraine and thailand. these and other stories when "bottom line" continues in just a moment. ♪ ♪ >> welcome back to the second line" onr of "bottom bloomberg television. i am mark crumpton. thank you for staying with us. as we hit the bottom of the hour on this monday, december 9, 2013, a big acquisition in the food industry. 500,g the most in the s&p a company that announced an agreement to buy its rival u.s. food and an $8.2 billion deal, and the s&p 500 index closed one point up above its previous level, the broader market at 1808. index, it composite was up about six points today, 4068. of the top some stories we are following for you. president obama and ban ki-moon will be among world leaders speaking at a mass memorial service for nelson mandela. obama, the first lady, and george w. bush and his wife la ura will arrive around 1:00 a.m. on tuesday -- mr. obama and others. bill clinton and timmy carter will join them in johannesburg. the service is tomorrow at a soccer stadium. that was where nelson mandela
Bloomberg
Dec 8, 2013 9:00am EST
. madame secretary. >> good to be with you. >> you paid tribute to the noble statesmen, nelson mandela.
Bloomberg
Dec 10, 2013 3:00am EST
nelson mandela and were expecting many leaders across the world including barack obama and leaders in brazil and india will pay tribute to mandela today at the stadium. with the continue to monitor these pictures -- will potential monitor these pictures and breaking any news and show you speeches -- we will continue to monitor these picture and bring you any news and show you speeches. lessor, chief european economist. -- let's welcome chief european economist. it is a relatively calm to say the least. if 2014 going to be more of the same? tofrom a crisis situation politicization state of situation, we are looking at the effect from stimulation policies that took place this year that were successful in realizing the market. unfortunately i must the negative side effects. we demand. the biggest challenge for 2014 will be the backdrop and in the banking sector. >> you talk about too low inflation, are you worried about deflation? >> the risks in the region we are seeing potentially a very large output gap and rapidly rising that is strong warning. not acclimated which i am very concerne
Bloomberg
Dec 6, 2013 10:00am EST
we are on the markets once again in 30 minutes. "market makers" is up next. ♪ time warner cable means its price. will charter or comcast or both by the premium package? fries with that? minimum wages on the menu for fast food workers. but will this mean fewer jobs at restaurants? back to the future brand. these companies got their start in the postwar american boom. does their staying power result in sales in 21st century america? >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. >> welcome to "market makers." >> happy friday. we have a lot to talk about. >> as we wrap up this week. we had so many days apart that we lost our group. >> we need to get our synchronization back. we will start with the news feed. this is the top is the stories around the world. eddie lambert is spinning off lands' end. he has been selling off sears shares. end has been called the jewel in their crown. it does not make much money. they made $1.6 billion last year. another struggling retailer, j.c. penney says the sec has asked for information about its finances. septemberrk sales in and is attempting to turn around shareholders. by 30 eighthares percent. and it is the latest escalation and holiday shopping. kohls department stores will keep their stores open for 100 hours straight from december 20 until christmas eve. they operate almost 1200 stores nationwide. >> i hope you are not there. hopefully you will be wrapped up by then. we have a report on jobs. according to the jobs report out a few minutes ago, unemployment dropped to a five-year low. it dropped to 3/10 of one percent to seven percent. michael mckee has been going through the report. you are always the man with the real deal. when number were you expecting? i had to 20, so i was pretty close. what were you thinking? >> we are all within the realm of reality here. i have to start off -- you asked what number i was looking at. i was wrong. i said at 8:00 that i did not --nk the report would not matter all that much. we knew it would go down. it went down by so much with such a big increase in the labor force participation rate -- you have to take it seriously. if you look at three digits, take the number out to three digits, it did not just go down. it went down to 7.02%. that would take almost nothing for us to get into the sixes in the december report. so, we could start the year with unemployment below seven percent. june, ben bernanke said we expected to be finished with tapering. it definitely brings forward the idea of a fed taper. i am for it -- i do not think there is time for it in december. >> if this number signals that we are closer to a taper, one would think that the market would not hike up. >> it is always difficult to determine what is going on. maybe what you have is the ideal situation. that officials have said they are looking for this. the market believes that the economy is ready to take over for them. instead of propping up earnings with the stimulus, you get more people spending more money. it is a smooth handoff. that may to say, but be what is behind the thinking today. it is hard to tell what is going on in the bond market. maybe some shortselling. you are not seeing a big pop in interest rates. you may see it the same way that your pricing the economy. >> does it surprise you that volumes are low? usually we see a big push. could it be that it is december and people are wrapped up for the year? >> that is certainly possible. you do not want to take a chance. we are up for the year. nothing has been more volatile than the unemployment report. maybe people did not make huge bets this time. they are all looking to get out of town on friday. >> i am not looking to get out of town. we have two hours of great tv to do. michael mckee, hank you for joining us. we want to turn our attention to the labor department. they say 3.6 million workers were paid at or below the minimum wage of seven dollars -- $7.25 last year. president obama is calling for a hike to about $10 per hour. that is what he calls a broad growth agenda. airport workers and fast food workers and to nurse assistants and retail salespeople who work their tails off. they are still living at or are above poverty. that is why it is well past the time to raise a minimum wage that in real terms right now is lower -- >> fast food workers in 100 cities across the country made a strike yesterday. they earn about nine dollars per hour. they want the minimum increased to $15 per hour. i want to bring in columbia university professor -- who focuses on labor inequality issues. i want to start with you. restaurant workers are calling for $15 per hour. don't they run the risk that mcdonald's or wendy's will cut the workforce? >> that is the myth. we have plenty of studies recently that show there are negligible employment effects when you raise the minimum wage. when you think about it, take the current employees -- $7.25 per hour. a big mac is three dollars. they could actually buy more big macs with the money. it would benefit mcdonald's as a company. they would not be working full- time. all americans should work hard. you're still living in poverty at the minimum wage. it is some economics. they are the consumers as well as the employees. they would consume more and create more demand for the very product that they sell. >> i think that makes a lot of sense. it certainly will hurt my margins. we probably would see an increase in demand. there is no question that labor for restaurants is about one third of the cost. if you're going to increase wages, you will see some impact on margins. offsettingbe some piece of it. the balance between those remains to be seen. >> what about the other components? productivity and pricing. topf you are thinking about line, you certainly have quantity that people buy. you have the pricing. what we have seen historically is that it is more about commodities, as opposed to wages. when we have seen and put prices go up, there is a balance. the consumer absorbs some of that. consumers -- companies absorbs some of that. what we're talking about is where that trade-off is. >> is it hard to lower margins? that is the argument. costco makes a lot of money and they say that they -- that people are not as inclined to leave. the training cost goes down. retention costs go down. >> what we're talking about its efficiency wage. they pay more than the market so that they keep people. if everyone's wage goes up, we will have less of that argument. you still have the turnover that does happen at low wages. said, i think we are also talking about the customer base. for some of them, they are by and march the same as the worker base. that is the opportunity, potentially. >> there is a recent study that says that low-wage industries -- the companies that pay a higher minimum wage experience lower turnover. they get some cost savings. and, if the price is passed to the customer, those ferry workers will actually buy more goods act into the business. it is good business as well is good for the workers. >> you do not think -- you cover these restaurants. startedald's tomorrow paying their employees $15 per hour -- would you have a buy on them? >> let's look at this from the standpoint of what we see when commodity prices rise. everybody has the same cost increase. what you are really talking about is relative performance between them. again, it does not help the top line. when you see some inflation, that is good for the restaurant. they can have some of that past -- price passed through. theemains to be seen what next benefit or cost will be. the margins would go down. mention aboutuld wendy's and mcdonald's is that they are franchised. it is their franchisee to bear most of these cost. the companies themselves might not have as much of an impact. it is good for top and that is good for restaurants. >> is there a danger in confusing the impact? people obsess over the impact on employment. from a restaurant point of view, it is not really so much about the restaurant company. they do not care really about the impact that has a national employment. they just care whether they make money or not. >> they can pass those costs onto consumers. >> they can past the cost onto mcdonald's consumers? they spent their lives with the dollar menu. they cannot suddenly offer and $11 big mac. people go because of the value meal. >> the people that go there are the people that work there. they are the minimum wage workers of the world. if they got a raise, they could purchase more burgers. it would benefit the workers and also the companies. -- another the lit layer and that is the taxpayers. study shows that fast food workers actually rely on public benefits. come out oft taxpayer dollars, they would not have a problem with that. because we subsidize the cost of low wages, it actually hurts all of us. >> does that mean that we are effectively subsidizing the bottom line of the fast food companies as well? thehen i think about different companies, they have different customer bases. low income a very customer base, you probably would say mcdonald's -- >> trader joe's can pay their employees more. -- theytle, starbucks pay higher wages because their customers can pay more. it depends which company we are talking about. there is some insulation versus franchised and company operated. i think that when we think about the dynamics, you have to think about it as company specific. like i said, i think in the end you probably stay -- the company does not absorb it all. probably be a combination of price increases and lower margins. >> thank you very much for joining us. you specialize in labor and equality issues. a professor at columbia university. and our analyst on restaurants. willen we come back, we speak on the legacy of nelson mandela. he changed more than a country, he changed culture. ♪ >> today, we remember the life and the legacy of nelson mandela. he became a symbol of revolution and triumph over racial segregation. with us to talk about the contributions and achievements of his greatest -- south africa's greatest son is the director of the africa division of the human rights watch. >> good to be here. >> when we think about the contributions that he made to the world, is there concern that we could see this reversed in some way. he is such a symbol. what happens to that symbol now that he is no longer here? >> i would like to say that this is a tremendous loss. for the whole world. he was obviously such a great leader. millions across the world will mourn his loss. it is also a time to be reminded of the great legacy he has left us. ands such a high standard challenged that he has set for the next generation. indeed, for leaders in general. >> what could happen to his political party? many people vote with that party simply because he is a member. could they be in risk that they will lose support now that he is not there? >> it is difficult to say. it is true that south africa today is not the south africa he hoped it would become. it has made significant strides, but it remains to face some serious challenges. both in protection of political and social, as well as rights. south africa continues to face challenges in respecting and protecting rights for its citizens. >> given how much he achieved, why is that the case? >> it is a difficult question. i think that the next generation haveaders will have -- failed to live up to the standards that he said. they really have to continue to be inspired and live up to the challenge. >> what is the biggest obstacle? is a corruption? >> south africa faces a very competent challenge. corruption is one of them. it is also political commitment to deal with the problems domestic and internationally. in terms of promoting human rights, it goes beyond the borders. the next generation of leaders have a huge task to live up to that biggest, highest standard. -- the struggle for freedom and equality. >> when you think about political will and commitment, there is no greater symbol the nelson mandela. without him, what does that mean? who could be the next force? >> i am sure and i believe that we will continue to have great leaders. nelson mandela has very difficult shoes to fill. south africa continues to produce leaders who could live up to those standards. it is a good example of democracy. it continues to face a serious challenge and is expected to rise to those challenges. >> just how much progress can a country like south africa make when whites on average make six times more than blacks in the country? they have better access to education, medical care, housing. the list goes on. >> that is the very depressing reality. inequality, poverty, lack of access for all south africans. that is still there. that is why it is a deeply disturbing conflict that they face. the new generation of leaders will address this. >> is the government doing anything about this in your mind? has madevernment efforts, but they have not lived up to the expectations. >> lots of talk and no action? of talk, but lot not sufficient political will or commitment to address the challenges head on. >> what is the missing link? what needs to happen? >> there requires political will and commitment and action. >> talk about what is practical. if there's one thing that the government could do, where should they focus their effort? >> when you think of political will. there is not someone greater than nelson mandela. it makes one feel listless that that symbol is not here. there has to be an action plan. >> it is true. he is not there, but his legacy will continue to live. it should continue to inspire and challenge a new generation of leaders. corruptionies have and to deal with attacks. treatmenting with the of my country. there's police brutality. there are challenges we see on a day-to-day basis. leaders like to see taking some concrete actions on those problems. these are problems for you to take some action to change it. >> it always seems impossible until it gets done. things can get significantly better. thank you so much for joining us. theel is the director of african division of human rights watch. >> when we come back, at&t gives in to pressure from a small arrival. you can now get mobilephone service without a contract. we will explain. we continue after the break. ♪ >> we are approaching 26 after the hour. time for a quick check on the markets. the s&p 500 is having its best day in almost a month. is the taper of good thing? apparently so. it looks like we might get that sooner than we thought. we will be back in two minutes. ♪ >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. >> welcome back. and washington, budget negotiators will work for the weekend trying to cut a deal to avoid an new government shutdown in new year. they avoiding tough issues, but in even in narrow agreement is coming under fire. peter cook has more on the state of play. more gridlock or finally some dealmaking? how legitimate is it? >> you are particularly fatigued over this. dealmaking, but is small dealmaking. negotiators are getting close. patty murray and paul ryan are on the path to a deal. they still have differences here. the bigger question is, can whatever agreement these to come up with pass muster with their collective colleagues? they will be at it this weekend and communicating with their staffs. the deadline is next friday, december 13. the real deadline is january 15. that is when the government runs out of money. ,he key component of the deal is that spending levels will replace the automatic spending cuts. other areas and some new revenue would not involve any tax increases or major entitlement reforms. none of those big-ticket items. even the smaller deal is proving to be a challenge right now. >> it just seems like every thought that we have had on this set says that we have to have entitlement reform. if those issues are not on the table, what is the point of this? >> the only point is to provide some certainty in the short t
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Dec 9, 2013 2:00am EST
burden of the costs. >> thank you very much. world mourns nelson mandela. our next guest says the former south african president has left a strong country with a solid foundation. ♪ >> time for company news. acceptingstopped bitcoins. barred institutions for handling transactions of the virtual currency. the website hosting. haier electronics at to the highest level in 14 years and hong kong after alibaba agreed to the company. they make washing machines and distribute home appliances. walt disney's "frozen" was first in america and canadian theatres. 30 $2 million. it takes the number one spot from "the hunger games." welcome to "countdown." i am mark barton. >> i am anna edwards. nationwideans held a celebration for nelson mandela. his body will lie in state in pretoria. our next guest said he left a strong country with a solid foundation and we were dismissed the doomsday. expect little market reaction to the death of nelson mandela. peter joins us now. great to see you. thank you for coming in. give us your analysis as the globe to some extent mourns the loss of nelson mande
Bloomberg
Dec 10, 2013 2:00pm EST
from around the world joined with south africans to mark the life of nelson mandela. the ceremony at the biggest soccer stadium was the first of three major public events this week. president obama was among those paying tribute. never see the life of nelson mandela again. let me say to the young people of africa and the young people around the world, you too can worth your own. >> and the first female ceo in the global automotive industry, she started her career as an intern more than 30 years ago on the factory floor. in charge of product development and quality in all of gm's cars and trucks for a little under two years. person is jet -- ackerson is retiring january 15 and changes at the top of lulu lemon. chip wilson is stepping down as chairman. the president of toms shoes will be the new ceo. we turn to private equity and venture cap. raised $2 billion across seven funds, focusing primarily on software, and tonight and business services. with me now is a managing director. tank you for joining us. -- thank you for joining us. i know your firm, trident, is focused on security. y
Bloomberg
Dec 8, 2013 8:00pm EST
for nelson mandela in johannesburg tomorrow with at least 200,000 people expected to attend. this is all ahead of sunday's funeral in the village where he grow up. a special program called remembering nelson mandela where his guests give us their memories and anecdotes. whenat was interesting they spoke about him, they rarely talk about his politics. what they talked about was his character as a person and how dominant a physical presence he was. people forget, he loved sports, he loved boxing. he used to practice boxing in his jail cell. he loved to follow the races. by all global sport, followed it closely. he wanted the guards to update him on various sporting events. you can catch that program right here on bloomberg later today. remembering nelson mandela at 1:00 p.m. and 11:00 p.m. hong kong/singapore time. better-than-expected jobs numbers from the u.s. getting shares a boost. do these gains have legs? we will be trying to get to the bottom of that next on "on the move." ♪ >> quarter past eight in the morning in bangkok. these are live images from the street. this coming of
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Dec 8, 2013 1:00pm EST
>> the sochi games are fast approaching and the race is on to market the world's best athletes. >> it is important for us to activate pre-the olympics. >> if i do well, i will get my face on a box. >> good the race for the national championship get any more exciting? just wait for the anticipated playoffs. we are taken inside the workings of the new system. >> we proved that we could get in a room and resolve the issues. >> meet the man who put up the cash to keep the kings in sacramento. he has plans to build the franchise of the future. >> we may not have the most wins, but we have the most patents. >> sports business moves fast, but we are faster. "sportfolio" starts right now. ♪ i am rick horrow. welcome to "sportfolio." bloomberg's inside look at the business of sports. the 2014 winter olympics are 10 weeks away and as always, a handful of athletes will come away from the games with more than just medals. they will raise their profiles and become movers in the sports and entertainment marketplace. one american hopes to become a household name. a speed skater. he sat down with pimm fox to share his compelling story. >> i fell into the boards five months before the olympic trials. i wound up putting six inches of my right blade into my thigh. i bounced off the board. i was looking at this and wondered what was going on. i cut myself all the way to my femur bone. if you can imagine being in top shape and then all of a sudden i had to leave it up to my support system to bring me back. my family was there for me, friends, sponsors. >> 60 stitches. >> 60 stitches. it was a shark bite. >> what did you learn from vancouver? >> i was 19 going into vancouver. i was a teenager looking to have a good time. get some experience under my belt. now i can go into this game with a clear vision of what i am going there to accomplish. all of the years i have put into training and practicing onto the ice. hopefully win some gold medals. >> what is the financial pressure of being in the sport you are in? >> it is tremendous how much we train and how much we are not able to support for ourselves. liberty mutual is stepping in and helping me to fund my goals and my dreams of being an olympian again. without that, i would not be able to do the sport at all. when the olympics are coming up, the sponsors reach out. >> do you want your face on wheaties? >> wheaties box would be awesome. i'm sponsored by them as well. if i do well, i will get my face on a box. >> my guest is from suburban seattle, the ceo of the legacy agency which represents him. welcome. it is easy to understand the marketability, but this man has an interesting back story. >> he is a fantastic individual. he is 23 years old, but he is mature beyond his years. he spent his entire life fighting back from injury, which you have heard before. since he was a kid, he has been dedicated. he is driven, he is a winner. he has interests outside of this, such as music. he has done documentaries. he is the kind of guy you would want your daughter to have a relationship with. he is a wonderful guy. >> he can skate very quickly. resilience and persistence. if he does not succeed or dominate in sochi, he is still marketable? >> we think he will do a terrific job, but you are right. his story translates regardless of what happens on the ice. he is an inspiration. >> the sponsors? >> he has a number of them. we have tried to craft a family- friendly environment. p&g, wheaties, smuckers, nike. we are in some financial and risk management. really interesting categories. >> it sounds like you want to hug the guy. that is a great thing. the challenge is to make it relevant for two weeks. there are such an intertwined mesh of official sponsors, individual sponsorship opportunities, the russian government may or may not make it easy for you. how do you navigate the challenge? >> it is not easy. we understand what they need to do to get the most value to their sponsors. when we are dealing with sponsors and non-sponsors, it is important for us to activate pre the olympics. how do we reach his demographic before we get into that dark period? >> there is a dark period well after. the other challenge all olympic athletes face, how do you perpetuate their relevance? you have these athletes there regularly, but how do you keep that man and others relevant four or five years out? >> it is not easy. our folks have done a phenomenal job. two athletes we have been representing for 20 years, their longevity is something we can learn from. we put the three of them together. dan and bonnie were good enough to provide some mentoring to jr. to be able to see how to extend that career off the ice. >> thank you. great to have you here. best of luck to jr. >> thank you. >> there will be many medals awarded, but there can only be one champion crowned in college football. the final title drive got off to >> how quickly -- >> the bcs is 15 years. we stayed with the contracts that we had. i do not expect any change. >> we know from super bowl selection and final four selection, it is an economic engine for the communities that bid. are you comfortable with the process in place? >> we are. we had to get the game established and we did it. now there is a more broad and more robust process. we want to have traditional bowl sites involved. we want it to be a national event. it has to be distributed nationally at some level. i think it will be really successful. the question is, how successful will it be? is it something we can manage? can we keep in the right context? >> this regards revenue splits. is the tinkering and business allocation done? >> it was a great process. the conferences got in the room, came up with a format, came up with a format to accommodate access and we also voted 12-0 on the revenue sharing. we proved that we could get in a room and resolve the issues and get on with the game. >> there are conference commissioners. it is akin to general motors and ford and others getting in a room and saying let's figure out how to deal with the auto industry. do you all get along? are there common issues that you can automatically agree on and argue over the smaller ones? how do you deal with each other? >> we are competitors. we compete with each other, but we all understand each other's challenges and problems. we work with colorful athletic directors and coaches. we have been fortunate that we have a lot of resources. i would describe it as friendly competition. some of our relationships go back a quarter of a century. the five of us do fairly work collaboratively. we also work with the 10. we try to figure out a way to restructure the ncaa. at the same time, we are under tremendous pressure to make sure the student athlete experience is a good one and an improved one and the system is not stuck in 1975. we have these resources. we want to get something that works for ourselves. and is also inclusive. >> jim delany is one of many leaders calling for fundamental change in the overall business structure of college sports. he will share candid thoughts on how college athletics can serve its many stakeholders. with particular attention to the interest of student athletes. this week's stumper concerns college sports. in 2013, the university of michigan led all college football in home attendance. what is the only school other than michigan to lead football attendance since 1975? the answer is straight ahead on "sportfolio." ♪ >> here is the answer to this week's stumper. other than michigan, the only university to lead the nation in attendance is the university of tennessee. the vols edged out the wolverines in 1997. the financial success of big- time football has put a strain on the traditional business model of college sports. there is no blueprint on how larger conferences should share revenues with their smaller neighbors. or to determine whether students are receiving appropriate benefits. ncaa regulations have presumed that one-size-fits-all, but the big ten commissioner does not necessarily agree. he sees complex problems that require systemic solutions. >> how does the whole college athlete getting paid issue get resolved? >> in principle, everyone that i know throughout college sports is against pay-for-play. everyone is in agreement that we need to structure the ncaa to give us the latitude of flexibility to address certain problems. how do we make sure the student gets the cost of education? how do we address time demands? i believe that is one of the areas that has changed the most, the extent to which athletes are tied up in athletic preparation. we need to make sure students are not exploited. how do we address that? how do we address lifetime educational benefits? if we do get the right political restructuring that would allow us to address it, if we do not do that, that is on us. i was sorry to see nfl europe go away. everybody can bring a lawsuit, that is the american way. the courts decide what they decide. while you are in the system, you ought to know what the rules are when you come in. we have work to do in that area. i like for 18- and 19-year-old young people to have a choice. we ought to do we can to make it the best educational and athletic experience that we can. the agents oftentimes view these kids as future clients. maybe they can provide the support to train them. that is what a lot of them want. if they want to be in college, that is terrific. >> what is the biggest change you would like to effectuate? in the landscape over the next five years? >> great question. i would like to see us take real steps in the political restructuring of the ncaa to allow us to use our resources in the 21st century on behalf of the student athlete up to including the cost of education. i would like for us to be successful in pressing it successfully. that means pressing it in courts and pressing the ncaa. there is a lot to be said about the college experience. my father experienced it, i experienced it. arne duncan has said the college athletics probably does as much to shape and build certain kinds of very positive experiences as any other organization. >> the ncaa board of directors will meet in 2014 and review governance issues. jim delany's critiques will be heard and could shape the future of this multibillion dollar industry. still plenty left on "sportfolio." find out why it is good to be the kings. >> we want to be a winning franchise. that enhances the life of those it touches. >> get "sportfolio" wherever you go on the bloomberg tv plus app. ? >> next week, this man has completely revitalized the nba franchise and he is not satisfied. hear about his plans for a brand-new arena in san francisco next week on "sportfolio." in the spring of 2013, most nba analysts thought the sacramento kings were playing out the spring. a deal was in place to sell the team and moving to seattle, but mayor kevin johnson led the effort to find investors to match the offer. cory johnson shows us how a team of tech moguls has the kings poised to achieve great things. >> it is ripe with tech team owners. there's a new ownership group for the sacramento kings. >> i think of it as a social network. >> he is hoping it will turn around a moribund franchise. he is not going it alone. >> these are truly smart people. >> people like paul jacobs and chris kelly. >> this ownership group has the most patents. we might not have the most wins, but we have the most patents. >> chris mullin is his personal advisor. >> you have to have a lot of money to buy them. a lot of these guys are successful. they have money and they have passion. >> the kings pose a tough business problem. only 8 winning seasons. last season's attendance was the lowest in the league. one of the biggest tech titans of all tried to swoop in and buy the kings and move the team to seattle. but a group partnered with the city of sacramento and came up with a clever real estate deal to help keep the team in california. >> i came to california with no money. everything i have i owe to the state of california. >> next week, this man has completely revitalized the nba franchise and he is not satisfied. hear about his plans for a brand-new arena in san francisco next week on "sportfolio." in the spring of 2013, most nba analysts thought the sacramento kings were playing out the spring. a deal was in place to sell the team and moving to seattle, but mayor kevin johnson led the effort to find investors to match the offer. cory johnson shows us how a team of tech moguls has the kings poised to achieve great things. >> it is ripe with tech team owners. there's a new ownership group for the sacramento kings. >> i think of it as a social network. >> he is hoping it will turn around a moribund franchise. he is not going it alone. >> these are truly smart people. >> people like paul jacobs and chris kelly. >> this ownership group has the most patents. we might not have the most wins, but we have the most patents. >> chris mullin is his personal advisor. >> you have to have a lot of money to buy them. a lot of these guys are successful. they have money and they have passion. >> the kings pose a tough business problem. only 8 winning seasons. last season's attendance was the lowest in the league. one of the biggest tech titans of all tried to swoop in and buy the kings and move the team to seattle. but a group partnered with the city of sacramento and came up with a clever real estate deal to help keep the team in california. >> i came to california with no money. everything i have i owe to the state of california. >> they make analytic software to help companies like delta airlines understand their data. >> i created a mission, you want to build a winning franchise and make the world a better place. >> it is a shot a dream team or can think. >> just what i do for my software business, integrity, hard work, openness. i have got a vision. >> that'll do it for this edition of "sportfolio." thanks to our guests. and thank you for watching. for more video and sports business coverage, visit our website, bloomberg.com. i'm rick horrow. great to be with you. see you next time on "sportfolio." ? ♪ >> this week on "political capital", former secretary of state madeleine albright talks about nelson mandela and north korea. the november jobs report. margaret carlson and ramesh ponnuru debate obamacare's revival. we begin the program with the former secretary of state, dr. madeleine albright. madame secretary.
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the heads of state and dignitaries due to visit the memorial service of nelson mandela today. many are comparing it to the funeral of jfk back in the early 60's. >> this is one of the biggest gatherings of world leaders. we have not seen something like --s sincerely 1960s something like this since the early 1960s. royalty from around the world, and about 75 people. what is fascinating is the true message of reconciliation that he always talked about. people that will be talking will be president barack obama, and cuban president ronald castro, and the rainy president roos on -- hassan rouhani will be present. hopefully this will be a time where people can reconcile. >> as is often the case, it is the absentees that are just as notable. >> we fax it got most of the countries that have been represented across the world. syria is not going to be attending. we know that some countries have not even come out with any kind of show of gratitude or grievance at all. this is going to be interesting to see how it plays out in the rest of the day. what is fascinating is that cleat -- queen elizab
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Dec 9, 2013 8:00am EST
. >> one person i do not think will be taking a selfie will a piece on, he did nelson mandela. >> imagine a people bring together the blacks who were successful for so long, and the whites who were so scared, you issuesave fewer legacy come together to work for the betterment. he was on the scene as the news broke that nelson mandela had died. he ties it into a larger theme, the arabif you look at uprising, the groundswell of a desire for good change, and no political leaders should they come into the next era, nelson mandela was able to do that. >> without the help of social media. >> exactly. it was a powerful piece. >> the connection of the top ic and the author. i have to ask you about this amazon store, because it dominated my world last week. it is fundamentally interesting and silly. it doesn't exist command is not legal, they do not have the infrastructure for this thing. why does that capture the fascination of the viewers? it was a huge story last week by deliver that ebay can you things in 30 minutes -- >> drones is where the future is going. people want to be able to see aroun
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Dec 6, 2013 11:00pm EST
albright talks about nelson mandela and north korea. the november jobs report. margaret carlson and ramesh ponnuru debate obamacare's revival. we begin the program with the former secretary of state, dr. madeleine albright. madame secretary. >> good to be with you. >> you paid tribute to the noble statesmen, nelson mandela.
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Dec 10, 2013 5:00pm EST
, while student, i learned of nelson mandela and the struggle taking place in this beautiful land. and it stirred something in me. it woke me up from -- to my to others and to myself and set me on an improbable journey that find me here today. >> at least 5000 people are expected to attend mandela's funeral on december 15. tonight on bottom line, i will be speaking with deborah gillis, catalyst to get her perspective on women in leadership. "bottom line" tonight at 7 p.m. new york time. hope to see you then. >> this week, president obama signed an extension of america's 10 year plastic gun ban after being reauthorized by congress. that took place yesterday. the original ban was set to expire and had gained attention saying that plastic guns could get past airport security. cory johnson has been following this issue. also, the chief executive of valencia design group and the grandson of a designer. to develop aology .ariety of products gentlemen, thanks for being here. >> is that orange juice? i thought that was a tequila bottle. the only reason i came on this segment. >> must be serious f
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Dec 10, 2013 10:00am EST
around the world joined with south africans to mark the life of nelson mandela. it was at the biggest soccer stadium and was the first of three events this week. president obama was among those paying tribute. >> we will never see the life of nelson mandela again. but let me say to the young people of africa and the young people around the world you, too, can make his life's work your own. >> general motors made history today as we were just telling you, naming mary barra the c.e.o. of the company after dan ackerson retires in january and will be the first woman to lead a global automaker and will be doing it right after the u.s. government exits its massive financial stake in g.m. the former c.e.o. of general motors was credited for turning the company around and is on the phone with us for a bloomberg exclusive. thank for you taking time-out for "market makers. let's talk about mary barra, you were the c.e.o. when she was put in human resource in addition to her role in manufacturing and engineering. at that time in 2009, ed, did you see her for a candidate for c.e.o.? >> sure, mary
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Dec 7, 2013 9:00am EST
about nelson mandela and north korea. the latest on budget negotiations and the november jobs report. margaret carlson and ramesh ponnuru debate obamacare's revival. we begin the program with the former secretary of state, dr. madeleine albright. thank you for being with us madame secretary. , >> good to be with you. >> you paid ib
Bloomberg
Dec 9, 2013 12:00pm EST
>> welcome to "lunch money" where we tied together stories in business news. t minus four days until congress goes on vacation. still no deal. is this a series of interviews. today we're going to show how you buy fake toys. new bikes actually cost less than a vespa. how much would you pay for a pen? let's are all for politics. it was a cozy, intimate weekend on capital hill. patty murray trying to come up with some sort of budget deal. the deadline set after the 16 day shutdown is this friday. after that, congress goes on vacation and does not come back until 2014. >> negotiations are moving in the right direction. to i am hopeful will be able come together. >> the likelihood is still in the 50% range. i would like to give you a more definitive answer. >> that is the way it goes. always right up to the deadline. are nearing a smaller deal that would replace the sequester cuts over the next two years. we are going to replace these with other sources of revenue. taxes.r >> you heard that right. to tackle the major long-term issues. they want to trim automatic spending cuts. back on the self imposed budget cuts that were meant to force washington to get tough on spending. that is the mo. republicans have been expecting he would come through. give the lowest grade to republicans to ryan. he is proving he is a fiscal fake. it is his job to stand up and tell the truth. when he says we can raise spending for defense back to the or domestic, level that is evidence we're going in the wrong direction. >> that has to hurt. he was president reagan's top budget man. they're supposed to be in ryan's corner. stockman says going back on the sequestration is a load of, you decide. >> it is a washington beltway lie that we cannot live it with a six hundred billion of outlays for defense. 50% more than we had in 2000. we had no new industrial in the 200s with us since then billion more than bill kenton -- bill clinton left in today's real dollars. >> can you get behind a deal that comes out of the stocks? a total joke. i hope at least 70 people would understand if they do not get at entitlement reform it is going .o be far worse later the republicans would be right to reject this a deal. >> there's plenty more where that came from. he calls janet yellen the architect of said disaster and says this is dangerous. you can watch online at bloomberg.com/television. we are off to wall street and an exclusive look inside the 2014 outlook. we have a new mega-airline in the skies. ceo of ther from the new american airlines. thousands of protesters took to the street. server after out he shelved a long planned training to focus on ties with russia. they toppled and decapitated a landmark statue of vladimir lenin. take a look. ♪ >> we are also streaming live on bloomberg.com, your tablet, and smartphone. a 4.1 trillion dollars. when blackrock speaks come at you might want to do yourself a favor and listen. theirust came out with two thousand 14 investment outlook. erik schatzker got the exclusive in the trading floor. what is on the ceo's mind? he is thinking about the final version of the volcker rule. it is coming out this week. >> there's a possibility we are going to go too far. i'm not being a pessimist. i am being pretty pragmatic. i do think i know more about the markets then most. i am alarmed that it may be too far it may have some unintended issues that could be impactful. >> he is alarmed at the leverage ratios. >> and expresses i do not believe will be coming from banks. it may not come in financial services. maybe it is technology. it will be cybersecurity. the big crisis i do not think will be in an ansell services. >> number two is the blackrock president. he says it is time to be a little cautious. time, people are very concerned about their future investment. they have seen the stock market do pretty well. they are concerned about where bonds are. they're looking to squeeze more return out of their assets. how much more can they squeeze when they have the finger on the button? we have an institute that an exhaustiven way. over half of our senior portfolio managers think that lower growth for longer is where we're going to be. let me describe a little bit about what that means. people think they are diversified in their risk. bonds and stocks have , they may notted be as diversified in risk as they think. we are looking to get them to think about a 2.5% gdp growth which is fairly slow. stocks are being priced more about the price of momentum versus the earnings. revenues are not coming in where everybody thought. pretty top asng far as valuation go. they should look to diversify into other assets such as real estate. as i said, over half of our portfolio managers and for longer. next year to be a bit of a rates arer as far as and where the stock market goes. most importantly, people have to get invested. you cannot sit on the sidelines. while there is this uncertainty, there is about $10 trillion sitting in bank account earning almost zero. people into the market but in a much more diversified basket than just simple stocks and bonds. >> when you say low for longer, is that more a call on the economy or market or both? >> both. we think growth is going too slow for a longer time. we think the fed is going to keep monetary policy easy. short-term rates we think will remain where they are. longer term will budget up a bit. these are pretty high. we use a lot to choose out of that. we have a little bit more. we want to be a bit cautious for the longer-term right now. we want to make sure that people are using this diversification to understand that correlation may work against them. >> the rule next year will be a huge factor in how that plays out. we spoke with peter fisher as well. >> i think all over the world we see countries trying to make a handoff from monetary policy to fiscal policy. >> they would love to do that. >> they are trying to let go of the reins. they would like to not be the only game in town. that may be optimistic. i think we would like see fiscal policy pay a bigger role. they're trying to get a handoff to consumption of structural reform. central bankers are going to be important. they would love to be less important. onlyuld like to be the game in town. >> to a certain degree, markets are not letting them. the free moment about the obsession with tapering. and now we're looking as though we might see the taper this month perhaps. an unhealthy succession -- obsession? >> it is probably misguided. aper will take place in context. will the bank of japan and ecb try to offset whatever tightening comes? you want to think about that kind of upset. would've re: seen enough tents -- we have already seen enough where they are finding some way not to just have everyone upset on taper. i think it will be important but not the only game in town. fed successfully offset the fed of the taper on its own. the ecb to try to offset it themselves? it.hey are focused on whether they can remains to be seen. that forward guidance is a powerful tool. forward guidance is not as powerful as you would like. the bank of england has seen the market protest a little bit. time withhad a harder forward guidance leaning down. the fed will find some of that. one of the things they may consider is standing -- sending out. bottom line, where'd you put your money? here is dennis stockman. >> the biggest risk reward trade-off for long-term investment is japanese equities. >> still? >> absolutely. the japanese market was good to investors this year. we have been positive on japan for over a year. it was not magic. it was a combination of factors that were irresistible. valuation, earnings growth, political change, a clear of pessimisma lot giving them the rise for greater optimism. a chartt to bring up you provided us. earnings growth helps to explain what is going on in japan. pilingdy thinks they're into japanese equities because of abenomics. this does not explain everything. expansion in 2013, it has been less of a story in japan than any of the other world markets. it explains much more in the dozennd in europe than a japan. the earnings growth has really best. >> you can watch our exclusive interviews online at bloomberg.com/tv. on coins.ur hands it is a lot harder than you thought. we will walk you through how right after the break. the harley davidson ceo tells us about all the new bikes that cost less than a vespa. ♪ >> 12 days of the virtual corning has had a ride. baidu suspended payment of bitcoin. we decided to celebrate the 12 days right here. matt miller try to buy one last week. it did not go so well. max is the first one that recommended to me. either you have to wait four days which seemed a long amount of time to get started or you have to give them everything like bank account details, credit card details, visa, social security. i felt uncomfortable giving that kind of information. the whole point of me getting a tcoi is so that i can move my life off the grid and get away from big brother and move into the mountains. >> is that the point? >> i am really doing it because my boss told me to. it is a great idea. ?> you do not have bitcoin >> i do not. over the week when i was using a local one to try to find other people. we could never meet up. $1200. asking for like last night i called up max. " no problem, i'll have one in 10 minutes." >> you have bitcoin. >> he is. i personally do not own very many. i called up a guy. >> he bought more than one. >> i just bought one format. >> matt the guy has his guy who sold them a bitcoin. formatt is selling one $800. >> i feel crazy giving away this many 20s for one bitcoin. . can buy gasoline with this about $800 worth of gas. here i have a wallet. they have an outlet for my iphone. a bitcoin on his phone. code.e a picture of my qr >> what are you doing? you are syncing them? >> i am going to scan his own. >> all right. >> is it not working? >> a great. it is like a bill gates demo. alwaysst infamously will fail. >> this is one of the issues. it has been so hard for me to figure this out. >> show us what is on the screen. what shows up? >> i can say this is the address i put him in. i can put him in as matt miller. now it sends it. the interest is the rising .alue of the coin -- bitcoin this is worth whatever you're willing to pay for it. >> now i have got it. that is happened. you just bought a bitcoin. >> i can tweak it. i can show on facebook that i just got one. i believe i can ask for tips. soon.to load up >> why did you just do it this way? >> people do. on thursday, there is a meeting every week where everyone goes to send them back and forth to each other. many meetingsthat like that. i was trying to meet a guy at a starbucks to pick one up. >> congratulations. you've got your bitcoin. >> you can follow him and his 12 days of bitcoin. up next, it is a done deal. airways airlines and us have come together as one. we will hear from the new ceo. yours for $44,000. that is later in luxuries. ♪ exodus 26 minutes past the hour. let's get you caught up on where stocks are trading. we are sick another day of rallying. continuing games. they're up about a quarter percent. first up is cisco. they are acquiring the competitor. 3.5 billion dollars to include that. it is the largest. we're are also looking at jcpenney. they're taking back some market share. they expect some positive things. the markets more on in 30 minutes. >> we are also streaming live on bloomberg.com, your tablet, and smartphone. today's moving pictures with the video is the story. the preparations are underway for the national memorial service for nelson mandela. tomorrow it'll be in a 90,000 seat soccer stadium -- soccer stadium. he made his last public world cup.during the 200,000 protesters took to the streets of bangkok to call for the country's prime minister to step down. this is a new effort to change this. ofzzard of lies conditions turn these into a virtual snowball. supposed to fall until halftime. more than eight inches fell during the afternoon. deals, the world's biggest airline takes off today. executives of american airlines and u.s. airways signed the final merger documents. create a new company worth about $18 billion. this began trading today. is seeking one billion in combined revenues and cost savings. we asked what this all means for airfares. >> airfares are going to do what airfares do. they are related to all sort of things like this. this is not affected at all. of thekeeping all airplanes. that is why this merger works. we need all of that. only 12 overlapping at works -- networks. supply will be unchanged. prices in our business move a lot based on any sort of factors. this will not be one of those. beene big airlines have cutting capacity as well as focusing on more customers. the has created some wiggle room. >> coming up, the ceo of harley of a new $700 us bike that is better than some of the ones that cost more. cheaper than a vespa. is sellinghotel everything. we will explain luxury. could that be? a browncarol master in ups uniform? she's taking us inside ups tomorrow. better get these boxes moving. she will be live from the companies. it shall also be joined by scott davis. maybe he will show some packages, two. -- too. ♪ >> harley davidson pushing the envelope. it is the first and only motorcycle that offers a gps. it is also new think that opening new factories in india to reach asian customers. the question. is a cheap bike still a hog? >> it is a real harley. it has the same look and feel. this is a big event for us. a few years ago, we really talked about the strategy going forward and how he wanted to expand the brand and make it more meaningful to other -- ridrs like writers ers. develop a while to these and bring them to the market. this is a total new frame. it is agile. it is nimble. it was really developed with the voice of the customer. we did talk to over 3000 customers and dealers in 10 different countries. ofs bike is the culmination that voice of the customer input. thes really intended for new generation. >> how hard was it to go to a liquid cooled engine? it was not really difficult. every bike that we designed -- why? >> it is part of this whole being agile, nimble, being in urban bike. think about the drivetrain in the engine for every bike that we designed and built. not that we're going to use it across the entire line. >> that is true. in traffic ining new york, i watch the temperature gauge just client. it is scary. are moving heavy overseas. i think i saw a prediction that 40% of your sales will come from overseas next year. >> this goes back to when i just started. we were just putting the stake in the ground on some basic things we were targeting. to get to were trying some of these by 2014. last year we were probably in the mid-30's. we are inching up on that. apple try to do a lower-cost version of the iphone 5. a little from the brand. the customers overseas do not understand it as much. are you concerned? >> aegon by a $20,000 harley and people are buying them for 6000. i'm not totally impressed with that. >> this is an entry point for a lot in new writers. if you think about market even outside of the united states, we will want to this initially in india am portugal, italy and spain. big markets. loving- between 2000 2000 12 there were 13 million motorcycles sold. most were lower displacement motorcycles. there is an appetite growing for the higher end bikes. our goal is to be there to meet and greet these customers as their personal disposable income increases and they move up. we think this is a perfect intro level bike for those customers. 197%e stock has risen since he took the helm. what is the plan? >> this is something we have talked about continuously with our board. i think we have a very clear view on one the secession looks like. succession looks like. as we do transition, the good news is there's going to be a great team in place with a lot of runway left. more importantly, these people have been part of putting the strategy in place. they are part of building everything we have done to get us where we are. we have completely revamped how morenufactured bikes in a manufactured way. we completely revamped how we design and develop bikes. shorter timeframe. less costly. more focused. we are bringing new products to market that will not only satisfy and excite our core customers like the rushmore lunch but also like the street bikes for the younger writers. we have a whole pipeline. >> the first production is to come out with a gps. you would think someone else would do it. >> from my perspective, i do not think the future has ever been brighter. >> he wanted to sell more bikes, and twoly overseas women. aey have two loan how to ride bike from harley davidson. need a christmas gift for the man who has everything? we can help. it will cost you though. refreshinge into your home. >> an option you will not want to miss in "luxury." ♪ >> it is all about what you can buy and where you can buy it, especially in nigeria. africa's largest oil producer and there are plenty of people with money to spend. tom gibson reports. sparkling watches are not in the shop windows of zero. or zero -- these two have to go abroad for luxury staples. now big brands come to them. >> there is a huge opportunity to be here. end but at the highest also there is a middle class that is really growing that needs access. this economy is expected to grow in 2014. >> international brands are keen to gain a foothold. one of these is porsche which recently opened this in victoria island. >> the middle east and african region is the force largest globally. it becomes more key with china and india and africa. you can expect more flashy and they are. >> they are selling just about everything. are auctioning this as part of a major re-for richmond. >> feel like you need a touch of five-star luxury in your home? now is your chance. this is auctioning entire sleeves, beds, paintings, the lot. this is being stripped. the guestrooms and public areas are getting a new look, an update from the neoclassical feel. new technology is being installed with an eye for the building's history. among the highlights, two crystal columns chandeliers with a price of over $8,000. is those items are a bit much, then how about silver in silver napkin holders? they closes next week and will reopen in autumn of next year. what about a pen? turns out he have to go to germany. specifically have to go to mo ntblanc. >> white gloves at the pen factory. to handle 832,000 year old limited edition. who really uses pens in the digital age? >> more notifications i get, the more i appreciate something headroom in. there's a hunger for it. culture.into mass they made 88 charlie chaplin editions which have tripled the prices at auction. says $22,000 per pen, what you say? >> many people say that. if they see this first they say it is crazy but then we can show how it is made. >> i am holding 200,000 euros worth of gold. this weighs five kilos. first to get rolled into the right form and then cut out and stamped into the mnib. with the hundred steps, no two pens are ever alike. extra 1200 euros for the basic service. catch the dna from the hands and the movements and then .e can adapt to the handwriting >> for a fully personalized pen, production takes 2.5 years and up to one million euros. thing is whenul ever we have a collector who has been collecting for years, whenever we does his instrument -- >> >> to not worry about misplacing such an expensive item. >> you stop using us losing your pen as soon as you buy a montblanc instrument. >> it is a writing instrument. bloomberg, homburg. for more on the good life and all things luxury you can visit bloomberg.com/luxury. today's mystery meat. some christmas gifts are priceless. >> stop right there. that is wonderful. >> what do you think? what is that? >> it is a major award. fans or of a christmas story can vote on the chance to stay for two nights in the house where ralphie lived. it is in cleveland. if that is what you're into, you will enjoy it. ♪ approaching 56 past the hour. that means bloomberg television is on the markets. let us check on where stocks are trading. little a rally here, a one. on the heels of the better than estimated job numbers. the s&p higher. the essence before the year is better than 25%. it is not just equity markets that have been climbing. boomrt market is seeing a in demand. by dollar could be spurred easy money. one of the largest art shows has come to a close. there is still high demand for fine art. how itn find out just is. frenzy ofas just a buying. we have five or 10 in miami. we were rushing around to find out what was still available. it is a super high price. >> buyers were flocking to miami to pick up pieces by modern and contemporary artists. warren buffett booked 210 flights out of there during the timeframe. they were happy to get into the market. pushed each to the owner of one of these coveted pieces. >> there is a synonymy of money heading toward the island which is the art world. at the top and there is huge interest from all the new economies that have just come back for russia and new york being in dubai and abu dhabi. the new economies are underinvested in arts. they have zero. is a top and one that did see this. 3 billion.ore them this is an increase. they sold about $200 million worth of contemporary art. they held the largest option ever. including the triptych that became the most expensive art works sold at auction. these are being driven by the allocated money that has very limited demand. they workold days, fine because of collection and passion. now they are just small factors. now it is allocating money from your basket of wealth. allocatingng it about 5% of their words. he wanted to get into the , sotheby's has been having issues of their own. digest recently leave the company. we will be on the markets and in about 30 minutes time. "bloomberg west" is up next. ♪ >> live from peer three in san francisco. welcome to the early edition of west./"rg i am emily chang. the focus is on business and investment in the future. companies from apple to facebook are demanding u.s. surveillance reform in thewake of edwards noted's -- wake of edwards d snowden's leaks. we lk
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Dec 8, 2013 6:00pm EST
from asia, europe, in the united states are handing chine the biggest trade surplus in years. .ne push to tumble one of life's great second acts. our exclusive wishes and show -- soon joe -- sendup -- gentle obviate. a good monday morning to you. the u.s. but a lot more. so did europe. it sets off a surge in china which and the nation its biggest trade surplus in years. mia is here with the breakdown. this is a big surprise to the upside. >> we have a trade surplus of 33 point $8 billion. that is the highest since january 2 thousand nine. exports beating estimates. imports are less than expected at 5.3%. china has increased their record as traders replenished existing stockpiles. just to tell you what analysts are thinking, they're happy with the export figures. global demand is picking up. the united states and european countries are picking it up. essentially shows softer demand. not as strong as many would have liked. this may pave the way for the chinese government to perhaps say we do you really need to rely less on external demand. we need to focus on domestic demand. they are making steps in the right direction. consumer of largest iron ore. >> we already heard from the economist who saw the other side of it. also, you're on your prices are following -- falling. it is a little bit of one view to the other. we also have cpi and ppi figures. >> look at the inflation figures. is expected at 9:30 a.m. hong kong time. this is what we're previewing for the month of november. onere expecting negative .5% for china's ppi. at the consumer side of the equation, we are expecting a rise of three point one percent. this is a slowdown from the month of october. thesel be watching closely to see exactly how these baskets of services have changed. >> that is above the 3.5%. >> some breaking news. is calling for more to make abenomics a reality. stick around. we have the details. we have china. now japan is also the focus. they're calling on them to increase the wages. inflation concern is going to happen. to relay theng wages. the party pledged to raise their wages. toan is still part way defeating 23 years of deflation. the figures are 1.6%. they look forward to this. strong.xports are it vindicates the tiny story. there is a slight falling out. the other nations could get even weaker. toy have to depreciated where they could boost exports. it upset the likes of china and the other careers. they will lose out. a big blow. what are the thoughts overall? here they are now. it is part of the areas addressing this. >> there is no end to abenomics. at the end of next year the cabinet will prove the related policies on the growth strategy. we will announce the timing of the execution and minister the sign to put forward these policies. >> one of the concerns, when will it be coming? quantitive easing. structural forms. is a consumption tax. it has been given. >> very big right now in terms of what these reforms are going to be. >> that is the question. you can see abenomics continue in rallying the troops. not everybody thinks the momentum is continuing. >> they used to advise. george soros and here he is. may be the fiscal conditions become sound. our life will be terrible. there is no exit. that is borrowing words again. he wants to end deflation. it is extreme. we were told deflation. >> how viable is that? anit is going to have to see extension. if you talk about the wages, it is probably the most important component they need to get on board. it is going to be really hard convincing the rest of the corporations that they should consider the projections. there's a economics theory of what inflation will produce. deflation is ending. biggest rise in winter bonuses. that is a big boost. these will start flowing to japanese consumers who absolutely are dependent. >> they're trying to wire this before the tax comes in. >> the fourth quarter is always usually good anyways. is an eight percent tax. >> we're going to get that breaking news out of japan in 40 minutes. you're going to take care of that for us. we will see that supports the bigger story you have been reporting. >> we will see if this continues to support and left. >> he can hear challenges from the prime minister himself. catch it at 720 hong kong and singapore time. let's get straight to the markets. >> the australian dollar is currently trading at 91 u.s. cents. it is strengthening this morning. museum and seen gains higher. kiwi is also seeing strength this morning. 82 u.s. cents. let's head over to japan. the nikkei last closed like this. it was higher. nikkei futures are pointing to a higher open. in theseeing weakness yen. it is at the 10317 level. that is going to support japanese exporters today. 5 wall st firms are under investigation for hiring practices in china. u.s. regulators have widened their injuries, seeing whether they broke anti-bribery laws. ended this.he bank we are waiting for official results from india state elections. the opposition is seen as the big winner. he is ahead in three state polls. they give a pointer to the national vote which much be held by monday. could add aeal that trillion dollars to the economy. u.s. compliments on food subsidies in a latin american block. president obama praised the draft agreement. analysts say it will do more to salvage the long-running doha round of talks and to solve food shortages and tell global commerce. more on this deal later. we're going to hear. the u.s. and japanese economies will recover the most next year. find out more from the chief economist when "first up" returns. ♪ >> australia's largest insurer shares are plunging, the biggest drop in 12 years up down 21%. it is paired off that one. unexpected net loss of about $250 million. it is due to write-downs at the north american operations. this is a stock where watching for you this morning. qbe falling the most in 12 years. that will be one of the lacquers on the sx 200. on tuesday a hearing is due to begin. into the asian on the crash. happened in san francisco in july. people died when the bowl and triple seven hit a seawall as a came into land. they're going to look at the pilot performance. on wednesday it is hong kong's biggest debut in a year. china raise about $2.5 billion in its ipo. it was set up in 1999 to deal with bad debt from chinese banks. we're going to be watching out for the reserve bank. new zealand is expected to be one of the first g 20 nations to raise the cost of borrowing. indonesia will also make this. readers are gathered together in tokyo for a three-day summit with shinzo abe. the territorial dispute is likely to be on the agenda. statement will be issued to save any abuse of power and civil aviation. turning to the yes it'll be a big dust turning to the yes it'll be a nuclear deal with iran. >> iran will lead monday's u.s. news. there's a new round of sanctions to force the sanctions of iran's nuclear programs. their lobbying against a sanctions bill as they believe it will go against any nuclear agreement. after more than three years, the poker rule is ready for prime time. they will meet to finalize the rule barring things from proprietary trading. as a meet in washington, and bankers will meet in new york at the golden sachs congress. jamie dimon is scheduled to speak wednesday. they're looking for a congressional committee on the international financial systems. they will toughen the financial regulations. in an otherwise quiet week of reports, costco will first-quarter results. analysts forecast profits of the dollar three cents per share. on thursday, blackstone will set prices. helton plans to raise as much as 2.5 billion dollars. the most ever for a hotel company. also on friday, the self-imposed deadlines are set to reach a budget deal. lawmakers had the meeting to come to some form of an agreement. down on the you latest echo data. joins us economist tonight from sydney. it is good to see you. what is the followthrough for asian markets? is a positive. we have percent -- persistent numbers. on friday we still have the unemployment rate. we have a much stronger u.s. labor market probably indicative of the u.s. economy building momentum. the markets are staring at whether or not it is tapering. will we see the volatility from earlier this year? >> do think we're going to see that? they saw emerging markets really fall off the cliff with foreign investors taking money from emerging markets. what you think is going to happen in terms of volatility for december? i think there is a chance we'll will get them announcing some form of tapering. thatwe learned in 2013 is they are vulnerable to a tighter u.s. dollar liquidity. volatilityignificant this year. the economy is across much of the emerging world. had their underlying momentum derailed by this capital withdrawal. >> this is boosting the gross story. we have returned from the u.s. and europe. you think this will be in a momentum to push not only china but this region for work? . it is telling us that global growth momentum is building. 2013 will probably end up being the weakest year of growth for the world economy since 2000 and eight. if we see that momentum led by the u.s. into 2014, that i think is really going to be a good platform for the whole world economy. europe i'm not sure. there are a lot of challenges there. a greated states has platform to move to a higher rate of growth. >> what do you think of the china story in 2014? do you think reform led economic growth will be the case for next year? there is a lot of reform. i think the important thing never to forget is that china's economy looks like it is slowing too much, the government can provide a backstop to growth with its investment with urbanization requirements and so forth. it keeps china's growth going. bena's growth we expect to 7.25. a quarter -- 7 pr i'm not too concerned about a government shutdown. >> they can get out and about 40 minutes. i cannot let you go without asking you about that. this has done a tremendous amount for japanese confidence for consumers and businesses. seeing that combined with the fiscal stimulus, the monetary stimulus seems to be working. they have momentum building. flow through until 2014. we do want to see some structural reform. investors want to see some reform. that is the big? . they are doing their job and momentum. the figures will highlight that. are allis what we waiting for. joining us from sydney this morning. thank you so much for that. coming up, the japanese prime minister calls for talks with beijing as territorial tensions escalate. an exclusive interview. you are watching "first up." stay right there. ♪ >> welcome back. the japanese prime minister said his door is always open to china as territorial tensions continued to rise in a wide ranging interview. should thought they said it is time to reset relations between the two nations. we need each other. we should understand that. we should not let one issue control the entire relationship. both of us have an understanding that will lead to a mutually beneficial relationship. because there are issues, there is a need to have a meeting by the heads of state. i always keep my doors open for a dialogue and hope china would adopt the same stance. businessst one publication has depicted u.s. superman. can you be specific about what is the next step for abenomics? session onplaced the implementation of growth strategies. a have interacted -- enacted genetic improvement of profitability and restructuring as well as promotions to startup businesses. effectivethe corporate tax rate, we have decided to reduce by two .4%. we will be moving forward with how this should be with the japanese companies to stay competitive. is no end to abenomics. the cabinet will improve the related policies on the gross strategy. we will announce the tightening of the execution and administer this. >> you can get more on that and all the days top stories and you can watch his life wherever you are. download it from the app store and we will see you there. if you use twitter, it is easier to stay in touch with us. you can follow up on bloomberg television world and follow me and the others. we also have dan petrie there for you. up next we will hear from the ceo about the feature for low- cost carriers in asia. that is when "first up" >> good morning. it is a little cloudy over your live look at victoria harbour. it is about 23 degrees of a hike today. we're 30 minutes away from the opening. ."u are watching "first up >> the buyers are back. handing china the biggest trade surplus in years. to tumble as the opposition quit parliament. remembering mandela as details of the funeral are announced. good monday morning to you. let's get straight to the markets. the sx 200 looks like this. it is now in the red. it is down after qbe plunged the most in 12 years. we are now at 5179 levels. the australian dollar continues to strengthen. u.s. cents.ng at 91 new zealand is still in the green. the kiwi is also seeing some strength europe. 82.9 u.s. cents. let's head over to japan right now. the nikkei is closed in the green. just a fraction away. taking a look at the yen. it is weakening. is pointing to a higher open this morning. to ben get he was going leading the games. let's switch over to china. the debt is piling up. the odds of the defaults are higher. this lens of the question. defaulthe first deep -- in china's credit market. quite let's paint a picture of what is happening with some of these done financial companies. they are faced with heavy debts. they also have a very tight cash supply. this is a perfect storm for them to see their very first default. they first started regulating back in 1990 seven. they have not seen a default since then. principledn of securities must be repaid at some point next year. that is 19% more than this year. the majority will come from these note that have to be reading. will be thenority interest that is due on these payments. you can see an increase in interest rates. it adds more fuel to the fire. the timing could be right. >> as china tries to liberalize the markets and make market dictates interest rates, e could see a first-time default. the odds are increasing. thank you for that. but let's go for a roundup up of the corporate stories. bickle in run 1/5 of its value after baidu stop taking over the money. they are moved to forbid banks and ensuring the transactions. this is not the currency with the real meaning. the company that tied up asia's biggest ipo is putting its buying spree on hold. they said they would take a break for 12 months. they want to boost the current businesses to catch up with coke. on next focus will be vietnam and indonesia. qantas baby soon given a -- may be soon given a lifelong. aey have commitment of about billion dollars. is job cuts. the s&p is cutting the ratings. that is being monday news. i am john dawson. >> thank you. in asia areriers facing ever-increasing competition. they months the skewed last year. the demand for affordable air travel can only increase. >> this is very encouraging. first-year demographics. you have a large expanding population. you have economics. you have socioeconomics which is people starting to value more of their leisure time. all of this feeds into more and more demand. unique geography, it is no reason that people are very excited about the low-cost area nation. this includes australia, china, korea, japan. opportunitiesy of in china. there are 12 million people. with directtent service to singapore. there is a gold mind. >> where will you expand? are we looking at china? >> we have four cities in china. add more debt. australia, india. >> they have expanded more and more to get into the space. issues could crop up. >> i dispute that wholeheartedly. we are regulated by the same people. there's not one rule for all carriers. we abide by exactly the same regulations. we must maintain the same standards. we maintain the same company. absolutely. there should be no concern or reason for thinking that most low-cost carriers are different. >> is this higher given that there is a unit of this associated with quality. havee expectations really functionality and strength. it is absolutely right to be here. we meet with both of those. we provide this very cheap from point a to point b. we will be charging from the add-ons. beginning, perhaps people -- ofnsure of what how'd how this would relate. i think we have educated the markets. realize we get an extremely good value. >> checking some other stories making headlines around the world. the crisis in china has escalated. missy --the delimited illegitimacy. this comes as antigovernment protesters prepared a renewed push to topple the prime minister. they want to replace it with this. that government can do under the constitution under the law and that might follow, we are willing to work it. day it will one leave apart. is expanding its air defenses zone, adding to regional tensions sparked by beijing similar move. korea's his own covers two islands and a submerged rock. discuss the issue when he visited seoul, beijing, and tokyo. north korea has now confirmed un'swall of kim jong uncle. he was seen closest to the camera. over the weekend, the shot was tighter. this is the second most powerful figure. charged with corruption, drug use, and other antistate acts. fog is forecast once again. conditions have been like this for nearly a week, prompting an orange alert for severe weather. it left her stranded on the side of the road. >> south africa will hold a memorial service for nelson mandela. at least 200,000 people are expected to attend. his body will then lie in state editorial until the middle of the week ahead of sunday's villa. specialrose has a program remembering nelsen mandela were his guests give us his memories and antidotes. >> what was interesting is that they really talked about his politics. people forget he loves ports and boxing. he's to practice boxing in his jail cell. all are fascinated by global sport. they followed it closely. they wanted the guards to update him on various sporting events. >> that is one to watch. you can see that later today. remembering nelson mandela errors at 1:00 p.m. singapore time. up next, china's trade surge. will japan follow? we will find out. stay with us. ♪ >> are moments away from the latest data on japan. let's assess the process of abenomics. how is it doing? joining us is ed roberts. here to see you. let's start with abenomics. how is shins on they doing? number three? >> good morning. this is more like a thousand arts. seeing incremental changes. it will be a step-by-step process rather than one big aero. recent news we have liked is the toyota and hitachi raising wages. arethese things indicate we on the march toward 2% inflation. that indicates it is still working. say 1000 arts. doesn't that mean there are 1000 chances that some of these are going to miss the target? >> absolutely. we do not expect all they -- abe will win every battle. we think some are far more important than others. he has a political capital to win the battles he needs to win. we think is equivalent to the second coming of the black ships. if it is probably implemented, it could unleash tremendous creative forces in the industry. it could be a tremendous step forward to see it open up along the lines. we think you will use this firepower appropriately to make sure those types of pieces of legislation are fast. we have spoke exclusively with shinzo abe. no end toere is abenomics. listen to what he had to say. regarding the effective corporate tax rates starting next fiscal year we have decided to reduce it by 2.4%. we will be moving forward with reviews and studies as how this should be in order for japanese companies to stay competitive. >> >> at inorganic level, give us an example for what this is going to mean in real world terms. mood.this a great it is more competitive on a regional basis. thatigger message here is this is an indication that japan finally gets it. for the last few decades the japanese do not understand. here is an entire regimes that basically doesn't and is trying to get japan much more competitive. that is an incremental step forward. we would like to see that. it indicates the game is going forward. what is your expectation? think therally numbers will be good. earnings season numbers came out quite well. we think we are still on the march forward to 2% inflation. not so important to that specific number as the directionality is so positive. we think it will certainly continue. breach thate yen one of three level. a lot of people calling for that. create ort going to continue the momentum that we are seeing for exporters as well. it is very positive for sure. the investment advisers, we have been seen -- saying that we will be-107 or 100-110 the range for the dollar yen in 2014. we may be getting there sooner rather than later. very muchhis is related to what the federal reserve will be doing as far as potential tapering sooner rather than later. it is an important part of the equation. >> i want you to stick around for us. this is coming up in just a few minutes. stick right there. we will get right back to you. still to come, we are moments away from the latest track data from japan. -- trade data from japan. what goes into the making of a luxury pen. that is up. more in a moment. >> welcome back. the gdp coming out to 1.1% on an annualized basis. it is the third quarter revised figure which is a bit below estimates. they figure that they will cross the yen. you can see it holding. other headlines, japan third quarter revised is only up 5.2%. business spending is unchanged. gdp of 3.3%. third quarter revised figure for belowup 1.6% is coming 1.1%. it is doubly disappointing. the yen is holding its own. we are looking for these coming out. it does not come out just yet. we're waiting on the trade figures and exports. are rising. this is much wider than forecast . exports are stronger. they have not come out yet. the gdp third quarter is not growing as fast as the plan. not great. and tore looking ahead the japan open in just a few moments. closed in the green. it is still pointing to a higher open in singapore traded futures. the yen little changed despite revised gdp in the third quarter. estimates of 1.6%. let's get some reaction to the breaking data and head back to where the advisers rejoins us. it is kind of disappointing. >> my initial comment is keep your seatbelt fascist. universal never quite be what you want them to be. there's no cause for panic. aren't numbers different. they're the largest partners by far. improving u.s. economy is good for the japanese economy. not the best number in the world but by no means the worst. >> how are investors supposed to play this dataset? >> we still find a large number have exposureot to the japanese equity markets in any form. we think that is a big mistake. there has been significant increases in value. we expect further significant increases in value. there is almost no doubt that there are going to be some big winners in the japanese economy going forward. >> thank you so much for that. >> all right. thank you so much for thoughts on the dataset. remember wincing attachment writing a letter with a real pen? things have changed. with the rise of mobile devices, one company is holding onto tradition. honda vehicles have been to the pen maker to see how fast honda nichols has been to the pen maker to see how it has survived. gloves at the pen factory. who really uses pens in the digital age? get, theotifications i more i appreciate it. there is a strong hunger for that. a mass manufacturer. eight charlie chaplin additions. 32,000 someone says euros per penny say that is crazy. what do you say? this.y people say if they see this first, they say it is crazy. they make and show them how it is made. >> i am holding 200,000 euros worth of gold. this weighs five kilos. it gets rolled into the right form and then cut out. then it gets stamped into the dip. with 100 manufacturing and technical steps, no two pens are ever alike. it cost an extra 1200 euros for the basic service. dna from thehe hand and then we can adapt to and find theng perfect hanker for the customer. >> production takes 2.5 years .or a fully personalized pen >> the beautiful thing is when ever we have a collector who has been collecting us for 20 years and when we do the first, they behave -- do not worry about misplacing it. >> to starlet -- to stop losing your pen as soon as you buy a montblanc from asia, europe, and the u.s. are back in to need to china's biggest traits are place in years. asian stocks are set for a rebound. one of life's great second acts. why it is better this time around. coming to "first up" you live from our asian headquarters here in hong kong and stringing a mobile and bloomberg.com. let's go straight to australia where the afx to hunters -- asx 200 looks like this. it is in the right. it is fluctuating this morning after a positive start to the session. the lossesseeing this morning. australia at 91 u.s. cents after china reported the biggest traits are plus in years. this is surging rights out of the gate. this is because of the weaker yen. korea, this is getting underway as well. like 1% up. won isrean strengthening. abenomics is not leaving if magic want just yet. it came in below estimates. many ask where is that third arrow? a tradeve not had balance. we had growth. the actual number for the third quarter is revised to gdp. the forecast was 1.6%. not been great. a bit of the blow. the in holding this. some are saying it could go to 115 because of the quantity of ative easing. this is a pretty powerful surge. overall, you can see 103. no action at all. this was remaining encouraging. it is way better than forecast. way better than forecast. if the figures are accurate about the global recovery. the reinforcement of that. it is 1.1%. >> did we hear from oppy as to what exactly he makes of all this? >> the third arrow is what is missing. many are saying when is it going to happen. many could argue the full tower has been shot. they're being raised to 8%. >> there's no end to abenomics. related policies on the growth strategy. >> if they continue, the fiscal condition becomes found. there is not existence. >> it is discouraging. bye for the terrible. there is deflation. there is a deflation. they could say we succeeded in that. what are they like? >> we have seen what they were left with, 15 years of deflation and how do you get out of it? >> hyperinflation not a good answer. >> what do you know. >> stay right there. we're going to keep an eye on japanese exporters. toyota right now taking a look at that. honda is higher as well. canon, panasonic, we are all seen some big gains for the exporters. that is being boosted today by the weaker yen. the u.s. bought a lot more. so did europe. that set off a surge in china's exports. here is the breakdown. are seeing the biggest trade plus since january 2009. the is being driven up by exports. it is rising 12 .7% compared to the previous year. imports also saw a rise. not as much as expected. you could see the trade balance is a little bit higher in october. you can see a big increase from the dip we saw over the past six months which was in the month of september. analysts are happy with the export figure. it shows you that the global backdrop is picking up. we're seeing momentum in terms of demand for chinese products that can be put in american shops like walmart and target. what does this say about the import figure? perhaps we are seeing sluggish demand. softer demand is what some are referring to this in terms of china's domestic economy. the export figure could really pave the way for the chinese government to step in and say we got the export side down. let's focus on the internal and really just revving up internal consumption. how palatable, will these prices before consumers? >> you would see a pickup if prices are reasonable for the consumers. in ppi.cpi the expectation we are looking for a rise of three point one percent. in the month of november, it fell from the previous month. average that the seller would get by domestic producers. that is for a fall of 1.5%. you can see it on the screen. it is what you saw in the previous month and consistent since the august time frame. >> thank you so much for that. that an being reported additional 5 wall st firms are under investigation for hiring practices in china. wide into their inquiry, examining whether jpmorgan broke anti-bribery laws by writing well-known people children. we are waiting for official results for india's state election. this is ahead in three state polls and also defeated congress in delhi. the final state will begin counting today as it gets a pointer to the national vote which must be held by may. the company that completed asia's biggest ipo of the year is putting acquisitions on hold. they will take a break from m&a activity for 12 months. they want to boost current businesses to catch up with coca-cola. the next focus will be on vietnam and indonesia. shares just started trading in tokyo. next, predicting a good month for the markets. find out why our next guest is thinking positively about december. that is coming up. stay right there. ♪ >> welcome back. let's take a look at the stories we're going to be watching out for you. a hearing is due to begin into in asia anna airline crash july. three people died there when the boeing triple seven hit a seawall as a
Bloomberg
Dec 10, 2013 8:00am EST
look at the top headlines. a memorial service being held for nelson mandela today. president obama spoke this morning to a crowd which included world leaders, celebrities, royals, and tens of thousands of south africans. nelson mandela last thursday at age of 95. lulu lemon -- the founder of the company is stepping down as chairman. he will be replaced by the lead director. the ceo is also step down and will be replaced by former toms shoe president. all because of those sheer yoga pants. a drugmaker warns that its earnings will miss analysts estimates next year if regulators allow generic companies of a multiple -- of a multiple sclerosis drug. we will be back in two minutes. ♪ bitcoin has been a speculative frenzy lately. but will all the attention celebrating the 12 days of bitcoin -- not really a traditional holiday. matt miller is here for a day two. on the second day of bitcoin, matt miller gave to me -- what have we got? >> today is the day where i start experimenting with all the different kinds of stuff i can buy. each day we are going to do something different with bitc
Bloomberg
Dec 9, 2013 9:00pm EST
preparations are underway for the national memorial service for nelson mandela. tomorrow it'll be in a 90,000 seat soccer stadium. he made his last public appearance at the same stadium during the world cup. 200,000 protesters took to the streets of bangkok to call for the country's prime minister to step down. this is a new effort to change this. blizzard-like conditions in philly turned the game into a virtual snowball. this is not supposed to fall until halftime. more than eight inches fell during the afternoon. in deals, the world's biggest airline takes off today. executives of american airlines and u.s. airways signed the final merger documents. create a new company worth about $18 billion. this began trading today. doug parker is seeking one billion in combined revenues and cost savings. we asked what this all means for airfares. >> airfares are going to do what airfares do. they are related to all sorts of things like this. this does not affected at all. we are keeping all of the airplanes. that is why this merger works. we need all of that. only 12 overlapping networks. supp
Bloomberg
Dec 9, 2013 6:00am EST
south africa this morning. he will be attending memorial services for nelson mandela. george bush and hillary clinton will join the president and the first lady. jimmy carter and bill clinton will fly separately. they will join dozens of other dignitaries and tens of thousands of mourners at the service being held in johannesburg. that is your morning brief. >> it was a subtle weekend. particularly in bitcoin. that will be a feature during the week. futures are up. the 10 year yield is that 84. the currency market is on the move. crude is at 111. the 30 year bond tries to migrate higher. 103.05. it was really quite important to see strong -- keep it going. we scoured the papers. >> some of the biggest tech companies are joining forces. they are demanding reforms on the nsa surveillance program. names include cap -- apple, google -- all of the silicon valley companies. they highlight the need to reform practices. after president obama told msnbc that he plans to propose curbs on the nsa to guard against snooping. >> facebook says to mind my business. >> what is the story here? >> there
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